CEDARst Closes on Construction Loan for Sixth San Diego Multifamily
CEDARst Companies has closed on construction financing and launched construction on a 197-unit multifamily development, The Samuel, located at the corner of Adams Avenue and Idaho Street in San Diego’s North Park neighborhood. CrossHarbor Capital Partners provided an $80,000,000 construction loan for the project. JLL Capital Markets, led by Zach Kersten, arranged the financing. KPRS Construction Services is serving as general contractor.
The development will feature 189 parking spaces and a full suite of resident amenities. “North Park continues to be one of San Diego’s most in-demand submarkets, and this project reflects our commitment to delivering thoughtfully designed, amenity-forward housing in infill locations,” said Will Murphy, CEO, CEDARst Companies. “We’re grateful for the partnership with CrossHarbor and KPRS as we move this project into vertical construction.”
The Samuel adds to four other CEDARst projects under development in San Diego and one stabilized asset. A September 2028 completion date is expected for the property.
The conversations behind tomorrow’s apartment deals happen at Connect Apartments on September 22 in LA. Connect with the capital sources, owners, developers, and brokers driving multifamily investment. Learn more and reserve your seat at www.connectapts2026.com.
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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
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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