New-Construction San Diego Apartments Score $53M Bridge Loan
Broadshore Capital Partners, LLC closed on a $53.2-million floating-rate senior bridge loan secured by Monroe North Park, a newly delivered 137-unit Class A multifamily community located at 3090 Polk Ave. in the North Park neighborhood of San Diego. The loan was completed in partnership with an institutional investor with whom Broadshore maintains an active lending relationship.
The financing will facilitate the lease-up and stabilization of the property, which was delivered in 2025. It features institutional-quality construction, structured parking with EV charging capabilities, rooftop entertainment and co-working amenities.
“San Diego is one of the most fundamentally sound multifamily markets in the country, and North Park represents exactly the kind of supply-constrained, high-demand urban submarket we want to be in,” said Broadshore CEO Bradford Howe. “This transaction is consistent with our strategy of deploying institutional capital into well-located, newly delivered assets where we have conviction in the collateral quality and the long-term fundamentals.”
Other News
JLL Arranges Financing for Lightstone Acquisition on Upper West Side
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
Learn more
National City Investment Group Commences Workforce Housing Build
The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
Learn more
Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets
Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout