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9/01/26
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CEDARst Companies has secured $80 mil in construction financing for The Samuel, a 197-unit Class A multifamily development the firm is building in San Diego's North Park neighborhood. The Samuel will be located at 2821 Adams Ave, west of I-805 and just south of I-8 in North Park, a neighborhood that earned recognition in Travel Magazine's 2024 list of the nation's 16 most up-and-coming neighborhoods.
The 0.56-acre site boasts a Walk Score of 93 out of 100, placing it in the "Walker's Paradise" category where most daily errands do not require a car. The property will sit steps from award-winning restaurants like Fortunate Son and Polite Provisions, craft cocktail bars and independent coffee shops that define North Park's culinary scene.
The eight-story development will feature 82 studios, 93 one- and 22 two-bedroom units, averaging 621 sf, with 189 parking spaces. The project qualifies for ministerial, by-right approvals under the City of San Diego's Complete Communities program, which provides expedited permit review for qualifying residential developments near transit and existing infrastructure.
The development will include resort-style amenities such as a pool, fitness center, co-working lounge, fire pits, game deck and a rooftop sunset lounge with an outdoor kitchen. Construction is expected to begin in Q3 2026, with completion anticipated in Q4 2028.
A JLL Capital Market’s Debt Advisory team led by Senior Director Zach Kersten, Director Jack Wood and Analyst Ben Choromanski arranged the three-year, floating-rate loan through CrossHarbor Capital Partners.
"North Park continues to attract young professionals seeking walkable urban living at a relative value compared to coastal neighborhoods," said Kersten. "The Samuel benefits from an exceptional micro-location on the Adams Avenue corridor, where there's a significant lack of large-scale multifamily projects either built or planned within a one-mile radius."
San Diego County's multifamily market continues to demonstrate strong fundamentals, with the North Park submarket projecting 3.52 percent average annual rent growth through 2029, outpacing both the greater San Diego market and Southern California peers. The submarket maintains an average occupancy of 96% with limited new supply pipeline.
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