Northmarq Arranges Bridge Loan for Newly Developed Hillcrest Apartments
Northmarq’s San Diego Debt + Equity team, led by Aaron Beck and Conor Freeman, arranged a $26.75-million bridge loan for 8th & U Apartments, a newly delivered 90‑unit mid-rise multifamily community located in San Diego’s Hillcrest neighborhood.
The Northmarq team arranged the bridge loan on behalf of Greenline Development Group through its correspondent relationship with National Life Group. The transaction was structured with a three-year, interest‑only term with extension options.
“With this development being Greenline’s first San Diego development, we brought a bit of New York style with our high-end finishes, thoughtful layouts, and urban walkable lifestyle,” said Gilad Tamir, managing partner of Greenline. “We tasked ourselves with adding luxury and vibrance while maintaining the character of Hillcrest, apartments that members of this community will call home for years to come.”
Developed by Greenline in 2025, the property includes 35 studios, 43 one‑bedrooms, and 12 two‑bedrooms, as well as 11 deed‑restricted affordable units.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout