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February 11, 2025
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Planned Res Development in San Diego’s North Park Lands $46.5 Mil in Construction Money

1/24/25

Murfey Company has landed $46.5 mil in construction financing for Stella Apartments, a 149-unit multifamily development project in San Diego.

Stella Apartments, located at 3104 El Cajon Blvd in San Diego's North Park neighborhood, offers easy access to I-805, Hwy 163 and Hwy 5, while also being four miles from downtown. The community sits at the intersection of El Cajon Blvd and Illinois St, near amenities, job centers and shopping. Its location appeals to those seeking urban living with connections to major employers and entertainment.

Stella Apartments, a striking nine-story residential complex, offers a contemporary living experience with 73.2k sf of rentable space. The modern apartment community features a diverse range of studios, one- and two-bedroom units, all designed with contemporary finishes within a sleek concrete and glass structure. Residents can enjoy a host of amenities, including a rooftop terrace for panoramic views, a community gym, a large outdoor amenity space for social gatherings and a stylish lobby that sets the tone for sophisticated urban living.

Aldon Cole, Bryan Clark and Bharat Madan with JLL Capital Markets arranged the three-year, floating-rate loan. It was funded through Buchanan Mortgage Holdings LLC, an affiliate of Buchanan Street Partners LP.

San Diego continues to be a thriving metro area with a strong economy, highly educated workforce and exceptional quality of life. The North Park neighborhood, in particular, has seen significant growth and revitalization in recent years, attracting young professionals and families alike.

Murfey Company, a vertically integrated developer known for its mixed-income and mixed-use projects in San Diego, plans to begin construction in Q1 2025 with completion expected in Q2 2027.




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