Onyx on Park: $31M construction take out financing secured for luxury Hillcrest community

SAN DIEGO, Jan. 20, 2026 –  JLL Capital Markets announced today that it has secured $31 million in construction takeout financing for Onyx on Park, a newly delivered 71-unit multifamily community in San Diego, California.

JLL represented the borrower, Onyx on Park, LLC, and joint venture equity partner Diversyfund, in arranging the three-year, floating-rate non-recourse loan. Loan proceeds were used to retire the original senior and mezzanine construction loans, fund an interest reserve to lease-up and stabilize the asset and repatriate equity. JLL also arranged the original 80% loan-to-cost construction loan package.

Onyx on Park, located at 3922-3932 Park Blvd. in San Diego's vibrant Hillcrest neighbourhood, completed construction in July 2025 and is currently in the early stages of leasing. The property is strategically positioned at the intersection of Park Boulevard and University Avenue, offering exceptional access to major employment clusters, public transportation and cultural attractions including nearby Balboa Park.

San Diego continues to demonstrate strong multifamily market fundamentals with projected rent growth of 3.6% and 94.6% occupancy. The city faces a significant supply and demand imbalance, with forecasted annual need of 14,715 new units far outpacing historical deliveries of 4,400 units per year since 2005.

Onyx on Park is a seven-story mixed-use development featuring 51,852 square feet of rentable residential space and 1,200 square feet of ground floor commercial space. The luxury community offers a mix of one- and two-bedroom apartments, as well as multi-level penthouse/loft units averaging 879 square feet and ranging from 650 to 1,460 square feet. Units include premium finishes such as quartz countertops, soft-close drawers, spacious outdoor balconies, European-style cabinetry and stainless-steel appliances.

Community amenities include an expansive rooftop patio with BBQs and fire pits offering Balboa Park and downtown views and electric vehicle charging stations. The property features both on-grade and subterranean parking with 48 total spaces.

The project's location offers a Walk Score of 92, placing it in a highly walkable neighbourhood with over 150 bars and restaurants within a two-mile radius. The property is less than one mile from Balboa Park, which includes two golf courses, 18 museums, the San Diego Zoo and access to three major freeways.

JLL Capital Market’s Debt Advisory team was led by Managing Director Bryan Clark and Vice President Bharat Madan.

"This financing for Onyx on Park demonstrates the continued investor confidence in San Diego's Hillcrest submarket," said Clark. "The project's prime location, luxury amenities and experienced sponsorship team position it well for success in this supply-constrained market."

"We want to thank Bryan Clark and the JLL team for another seamless process," added Isaac Dixon, Principal at Boulevard Station. "We have completed multiple transactions with this team, and they continue to execute at the highest level."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.