CedarSt Secures $80M Construction Loan for North Park Multifamily Project

CedarSt Companies has obtained an $80 million construction loan from CrossHarbor Capital Partners to build a 197-unit Class A apartment building in San Diego's North Park submarket. JLL Capital Markets brokered the three-year, floating-rate stretch-senior financing on behalf of the Chicago-based developer.

Located at 2821 Adams Avenue, the eight-story development, named the Samuel, will comprise 82 studio apartments, 93 one-bedroom residences, and 22 two-bedroom units, alongside 189 parking stalls. Average unit sizes will run approximately 621 square feet. Construction is slated to commence in the third quarter of 2026, targeting full completion by late 2028.

The project benefits from ministerial, by-right approvals permitted under San Diego's Complete Communities incentive program, which streamlines entitlements for residential development proximate to transit and public infrastructure. The development fits into CedarSt's broader regional footprint, where the sponsor manages a six-property, 1,514-unit pipeline valued at $734 million.

For residential developers, the transaction highlights how local density and transit incentive programs can expedite entitlements to unlock debt capital in tight infill submarkets.