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December 4, 2023
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Infill Development in San Diego’s Hillcrest Neighborhood Lands $27 Mil in Construction Money


DiversyFund Inc has locked in $26.9 mil in construction financing for Onyx on Park, a 61-unit, urban infill multi-housing community located in the Hillcrest neighborhood of San Diego.

With an anticipated completion of Q4 2023, the seven-story Onyx on Park will feature one- and two-bedroom units with an average size of 912 sf. Situated at 3922-3932 Park Blvd, the site is located four blocks east of the I-163 Fwy at the intersection of Park Blvd and University Ave. Residents will benefit from immediate access to over 230 restaurants and bars in the Hillcrest epicenter, walkable neighborhood amenities and major employers, including UC San Diego Medical Center, Scripps Hospital and SPAWAR.

Bryan Clark, Olga Walsh and Daniel Pinkus with JLL Capital Markets Debt Advisory team represented the borrower, DiversyFund, in a venture with Highland Construction, in the loan. The 74% loan-to-cost fixed-rate financing package consists of an $18.95 mil senior loan and a $7.96 mil mezzanine loan.

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