Greystone Arranges $46.8M Fannie Mae Refinancing for CEDARst and Bridge Investment Group at The Nash Apartments in San Diego

Greystone has arranged a $46.8 million Fannie Mae refinancing for The Nash Apartments, a 190-unit multifamily community in San Diego co-owned by CEDARst and Bridge Investment Group, the firms announced Aug. 24.

The seven-year, fixed-rate loan carries an interest rate of 5.24% and retires a $43.5 million construction loan that BMO originated in 2022. The transaction also generated cash-out proceeds for the sponsors.

Property Details: The Nash Apartments

Located at 4135 Park Blvd. in San Diego, The Nash is a seven-story building that delivered in 2024. The property sits within a Difficult Development Area and an Opportunity Zone, designations that carry federal tax advantages for equity investors and can support higher rent limits under the Low-Income Housing Tax Credit program.

The 190-unit community offers studio, one- and two-bedroom apartments ranging from 414 to 763 square feet. Sample rents at opening included studios averaging 446 square feet at $2,512 per month, one-bedrooms averaging 593 square feet at $3,044 per month, and two-bedrooms averaging 760 square feet at $3,985 per month. Ten units are reserved for households at 50% of area median income, with an individual income threshold of approximately $48,250 at the time of opening.

All apartments include in-unit washer/dryers and microwaves, and select units feature private balconies or patios. Shared amenities include a two-level fitness center, swimming pool, spa, rooftop terrace, community lounge, game room, conference room, media room, and grilling station. Approximately 2,100 square feet of ground-floor retail rounds out the property. FLATS, the CEDARst-affiliated operating brand, manages the community.

The property is situated along Park Boulevard near University Avenue, at the intersection of the University Heights, North Park, and Hillcrest neighborhoods, approximately four miles north of downtown San Diego.

Deal Structure and Capital Stack

The $46.8 million Fannie Mae loan arranged by Greystone increases the outstanding debt balance by roughly $3.3 million over the prior construction loan, reflecting the property's stabilization following its 2024 delivery. Will Murphy of CEDARst and Jonathan Slager of Bridge Investment Group are listed as sponsors on the transaction.

The development cost for The Nash was approximately $74 million, placing the original construction loan at a loan-to-cost ratio of roughly 60% to 65%. The new agency financing locks in a fixed rate for a seven-year term, replacing the shorter-duration construction debt with longer-term permanent financing.

San Diego Multifamily Market Context

The refinancing comes as San Diego's multifamily market is absorbing a significant wave of new supply. The metro added approximately 3,900 new units in the first half of 2026, double the figure recorded during the same period in 2025. The development pipeline held steady at roughly 8,900 units under construction, consistent with 2025 levels.

Within a three-mile radius of The Nash, Yardi Matrix tracks more than 148 multifamily properties totaling more than 29,900 units. Approximately 4,400 units are underway in that radius, with an additional 2,900 planned and 10,600 prospective.

CEDARst is also active nearby with The Samuel, a 197-unit project located roughly two miles from The Nash. The firm recently secured $80 million from CrossHarbor Capital Partners for that development, which is expected to deliver in September 2028.

Sponsors Expand San Diego Footprint

The Nash refinancing marks a capital-markets milestone for CEDARst and Bridge Investment Group as they continue to build out their San Diego presence. By securing agency financing through Greystone on the stabilized asset, the sponsors have retired short-term construction debt, extracted equity, and positioned the property under a long-term fixed-rate structure as they advance additional projects in the market.