CedarSt Lands $80M for San Diego Multifamily Project

CedarSt Companies has secured $80 million in construction financing for a 197-unit apartment development in San Diego’s North Park neighborhood.

CrossHarbor Capital Partners provided the three-year, floating-rate stretch-senior loan for the Samuel, an eight-story Class A project planned for 2821 Adams Avenue. 

JLL Capital Markets announced the loan Monday, and JLL’s Zach Kersten, Jack Wood and Ben Choromanski arranged the financing for CedarSt.

Construction is scheduled to begin in the third quarter, with completion expected in late 2028. The Samuel will include 82 studios, 93 one-bedroom units and 22 two-bedroom units, averaging 621 square feet, along with 189 parking spaces. 

The project qualifies for ministerial by-right approvals through San Diego’s Complete Communities program, which expedites residential projects near transit and existing infrastructure.

“North Park continues to attract young professionals seeking walkable urban living at a relative value compared to coastal neighborhoods,” Kersten said in a statement, adding that few large-scale multifamily projects have been built or planned within a mile of the site.

North Park maintains an average multifamily occupancy rate of 96 percent, according to JLL, which projects average annual rent growth of 3.52 percent in the submarket through 2029.

The Samuel is part of a larger San Diego expansion for Chicago-based CedarSt. The developer has assembled a six-project pipeline totaling 1,514 units and $734 million in development costs across the region. Nationally, CedarSt manages more than 7,000 units across 35 properties valued at an estimated $4 billion.

Meanwhile, CrossHarbor manages $11 billion in assets and has completed more than $34 billion in investments since its founding in 1993.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.