CEDARst Secures $80 Million Construction Loan for 197-Unit The Samuel Development in San Diego's North Park

CEDARst has closed an $80 million construction loan and commenced construction on The Samuel, a 197-unit multifamily development located at the corner of Adams Avenue and Idaho Street in San Diego's North Park neighborhood, the firm announced August 14.

CrossHarbor Capital Partners provided the construction loan. JLL, led by Zach Kersten, arranged the financing. KPRS Construction Services will serve as general contractor on the project, which sits on a consolidated parcel at 2821 Adams Avenue and 4677–4685 Idaho Street.

Project Details: The Samuel in North Park

The Samuel will deliver 197 residential units and 189 parking spaces to one of San Diego's more walkable urban submarkets. Planned amenities include a swimming pool, fitness center, dedicated coworking lounge, private balconies, lobby lounge, and a sunset-facing rooftop deck.

Construction completion is targeted for September 2028.

"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 of CEDARst Companies. "We're grateful for the partnership with CrossHarbor and KPRS as we move this project into vertical construction."

CEDARst's Expanding San Diego Portfolio

The Samuel adds to CEDARst's San Diego development activity, which includes four other projects currently under development and one stabilized asset. The firm has previously announced a $145 million Hillcrest multifamily development as part of a pipeline of three San Diego projects totaling $685 million, with The Samuel among those deals.

CEDARst Companies is a multifamily real estate developer and operator with offices in Chicago, San Diego, and Miami. The firm's portfolio spans eight states, concentrated in the Midwest, West Coast, and South Florida. To date, CEDARst has developed and acquired more than 10,000 residential units representing over $4 billion in total asset value.

About the Capital Partners

CrossHarbor Capital Partners, founded in 1993 and headquartered in Boston, is a real estate investment manager with offices in Chicago, Los Angeles, and Big Sky. The firm reports a $34-plus billion investment track record and currently manages $11.0 billion in assets under management across a range of investment programs. CrossHarbor operates a nationwide origination platform spanning multiple property types and positions in the capital structure.

JLL Capital Markets, through Zach Kersten, arranged the $80 million construction loan on behalf of CEDARst.

North Park Market Context

North Park's multifamily inventory stood at approximately 12,284 units as of mid-2024, reflecting year-over-year growth of about 1.9%, with 903 new units delivered in the prior 12 months. Vacancy in the submarket rose from 3.7% to 4.9% over that period, partly driven by the recent wave of deliveries, though the rate remained below the broader regional average. Average rent per unit was approximately $1,676, representing year-over-year growth of about 1.4%.

The construction pipeline in North Park declined approximately 35.6% over the same period, signaling a slowdown in future supply growth. The Samuel is slated to deliver in September 2028, a point at which the current pipeline contraction may reduce competitive new supply in the submarket.

San Diego's broader multifamily market has been characterized by muted rent growth and mid-single-digit vacancy in 2024 and 2025, conditions that have nonetheless continued to attract well-capitalized developers targeting amenity-forward, infill product in walkable urban neighborhoods.

Sources

CEDARst Companies — Official Announcement