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CedarSt secures $80M construction financing for 197-unit San Diego project
The Samuel project at 2821 Adams Avenue is slated to start in the third quarter and target completion in late 2028.
CedarSt Companies has secured $80 million in construction financing for a new 197-unit apartment development in San Diego’s North Park neighborhood, the Commercial Observer reports. The loan comes from CrossHarbor Capital Partners, with JLL Capital Markets announcing and arranging the stretch-senior debt.
The Samuel, an eight-story Class A project planned for 2821 Adams Avenue, is structured as a three-year, floating-rate loan. CedarSt said construction is set to begin in the third quarter, with completion expected in late 2028.
The building will include 82 studios, 93 one-bedroom units, and 22 two-bedroom units, averaging 621 square feet, plus 189 parking spaces. JLL said the project qualifies for ministerial by-right approvals through San Diego’s Complete Communities program.
JLL also pointed to North Park’s fundamentals, citing an average multifamily occupancy rate of 96 percent and projecting average annual rent growth of 3.52 percent in the submarket through 2029. The financing is part of a broader San Diego expansion for CedarSt, which described a regional six-project pipeline totaling 1,514 units and $734 million in development costs.