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4/05/22
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CEDARst Companies has landed $43.5 mil in construction financing for the development of 4135 Park Blvd, a 190-unit, mid-rise, mixed-use multi-housing project located on the border of the North Park and Hillcrest submarkets in San Diego.
4135 Park Blvd will be a seven-story, type III-A project, consisting of 101.8k sf of residential space and 1.3k sf of ground-floor commercial space. The community will offer studios, one- and two-bedroom units.
Located along the North Park and Hillcrest communities, the property will offer convenient walkability to local dining, retail and entertainment options. Residents will have easy highway accessibility with less than a five-minute drive to I-805, I-8 and I-15.
The property is just 13 miles from all major job centers, including Mission Valley, Downtown, Kearny Mesa, UTC and Sorrento Mesa, and proximate to educational institutions, such as UC San Diego, San Diego State University and the University of San Diego. Additionally, the community will be less than three miles from one San Diego’s premier shopping destination, Mission Valley.
Chris Collins and Brad Vansant with JLL Capital Markets arranged the three-year construction loan through a national bank.
“We continue to see an outsized demand for high-quality multifamily projects from both renters and capital providers alike,” said Collins. “CEDARst has done an excellent job identifying a project that will provide much needed additional units to a highly coveted infill market.”
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