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

SAN DIEGO — JLL Capital Markets has arranged $80 million in construction financing for The Samuel, a 197-unit Class A multifamily development planned by CEDARst Companies in San Diego's North Park neighborhood, the firm announced Aug. 31.

JLL worked on behalf of borrower CEDARst in securing the three-year, floating-rate stretch-senior loan through CrossHarbor Capital Partners. The JLL Capital Markets Debt Advisory team was led by Senior Director Zach Kersten, Director Jack Wood and Analyst Ben Choromanski.

Project Details: Eight Stories on the Adams Avenue Corridor

The Samuel will rise eight stories at 2821 Adams Ave., on a consolidated corner parcel at Adams Avenue and Idaho Street spanning 0.56 acres. The development will deliver 197 units — comprising 82 studios, 93 one-bedrooms and 22 two-bedrooms — averaging 621 square feet each. The building will include 189 parking spaces.

Planned amenities include a pool, fitness center, co-working lounge, fire pits, game deck and a rooftop sunset lounge with an outdoor kitchen. Construction is expected to begin in the third quarter of 2026, with completion anticipated in the fourth quarter of 2028.

The project qualifies for ministerial, by-right approvals under the City of San Diego's Complete Communities program, which provides expedited permit review for qualifying residential developments near transit and existing infrastructure. That approval pathway reduces entitlement risk and timeline uncertainty compared with discretionary review processes.

North Park's Supply Constraints and Market Fundamentals

North Park earned recognition on Travel Magazine's 2024 list of the nation's 16 most up-and-coming neighborhoods. The Adams Avenue site carries a Walk Score of 93 out of 100, placing it in the "Walker's Paradise" category. The immediate area includes restaurants Fortunate Son and Polite Provisions, along with craft cocktail bars and independent coffee shops.

"North Park continues to attract young professionals seeking walkable urban living at a relative value compared to coastal neighborhoods," Kersten said. "The Samuel benefits from an exceptional micro-location on the Adams Avenue corridor, where there's a significant lack of large-scale multifamily projects either built or planned within a one-mile radius."

San Diego County's multifamily market continues to show strong fundamentals, with the North Park submarket projecting 3.52 percent average annual rent growth through 2029, outpacing both the greater San Diego market and Southern California peers. The submarket maintains an average occupancy rate of 96 percent with a limited new supply pipeline.

CEDARst's Expanding San Diego Pipeline

CEDARst Companies is a vertically integrated commercial real estate development and property management firm that manages more than 7,000 units across 35 assets nationwide, with an estimated portfolio value of $4 billion. The Samuel is part of a development pipeline of six projects totaling 1,514 units and $734 million in cost concentrated in San Diego submarkets.

CrossHarbor Capital Partners and JLL's Role

CrossHarbor Capital Partners, founded in 1993 and headquartered in Boston, is a real estate investment manager with $11.0 billion in assets under management and a $34-plus billion investment track record. The firm operates a multi-strategy investment platform spanning property types, geographies and the capital structure, with additional offices in Chicago, Los Angeles and Big Sky. The stretch-senior construction loan structure — which carries higher leverage than a conventional senior loan while remaining senior in the capital stack — aligns with CrossHarbor's focus on well-located urban multifamily assets in supply-constrained markets.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. JLL (NYSE: JLL) reported annual revenue of $26.1 billion and operates in more than 80 countries with a global workforce of more than 112,000 as of June 30, 2026.

Sources

JLL Newsroom — Construction Financing Secured for The Samuel in San Diego