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11/24/25
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Built Development Corporation and Ibex Limited have landed a $31 mil construction loan for Cuarto Apartments, a 74-unit, Class A multi-housing project in San Diego.
Located at 3636 4th Ave in San Diego's Bankers Hill neighborhood, Cuarto Apartments offers exceptional access to California's I-5, I-8, I-15, I-805 and SR-163, granting connectivity across the city of San Diego and throughout the entire western coastline. Future residents will enjoy proximity to upscale shopping and dining in some of San Diego's most desirable neighborhoods, including Downtown, Hillcrest, University Heights and North Park.
Cuarto Apartments will be an 11-story multi-housing development offering 56.9k sf of residential space and 2.9k sf of ground-floor retail space. The modern apartment community will feature a diverse mix of studios, one-bedroom and two-bedroom units with state-of-the-art appliances and private balconies. Residents will enjoy best-in-class amenities, including a rooftop deck with ocean views, rooftop pool and barbecue area, fitness center, bicycle parking and ground-floor retail space.
The project is subject to a regulatory agreement with the San Diego Housing Commission, which restricts 13% of the units at various AMI levels. Construction is expected to begin in November 2025 following demolition, with completion anticipated in November 2027.
Jeff Sause, Christopher Collins, Chad Morgan, Jacob Michael and Danny Ryan with JLL Capital Markets Debt Advisory team arranged the structured, floating-rate financing. It was funded through SteepRock Capital (mezzanine) and Goodman Capital (senior lender).
“San Diego remains one of the strongest multifamily markets in the country, with exceptional fundamentals and sustained renter demand,” said Eric Goodman, Co-Founder and Managing Partner of Goodman Capital. “Financing this project aligns with our strategy of partnering with top-tier sponsors on well-located, high-quality developments.”
San Diego continues to be a thriving metropolitan area with a strong economy, highly educated workforce and exceptional quality of life. The Bankers Hill neighborhood sits adjacent to Balboa Park and provides residents with access to some of the region's most popular attractions and high-end retail and dining destinations.
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