An $80 million construction loan has been secured for The Samuel, a planned 197-unit apartment development in North Park, according to JLL Capital Markets.
JLL arranged the three-year, floating-rate loan on behalf of developer CEDARst Cos. CrossHarbor Capital Partners provided the financing.
The Samuel is planned for a 0.56-acre site at 2821 Adams Avenue. The eight-story development will include 82 studio apartments, 93 one-bedroom units and 22 two-bedroom units, with apartments averaging 621 square feet. The project will include 189 parking spaces.
The property is planned along the Adams Avenue corridor in North Park, near restaurants, bars, coffee shops and other businesses. The site has a walk score of 93 out of 100, placing it in the "Walker's Paradise" category, according to JLL.
The development qualifies for ministerial, or by-right, approvals through the city's Complete Communities program, which is designed to expedite development of qualifying 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," said Zach Kersten, a senior director with JLL Capital Markets. "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."
Planned amenities include a pool, fitness center, co-working lounge, fire pits, game deck and rooftop sunset lounge with an outdoor kitchen.
Construction is expected to begin soon, with completion anticipated in the fourth quarter of 2028.
JLL's debt advisory team handling the financing included Kersten, director Jack Wood and analyst Ben Choromanski.
The financing comes as North Park's multifamily market is projected to maintain strong performance. JLL said the submarket is expected to post average annual rent growth of 3.52% through 2029, exceeding projections for the broader San Diego market and other Southern California markets.
The North Park submarket has an average occupancy rate of about 96%, with limited new apartment supply in the pipeline, according to JLL.
Tuesday, September 1, 2026
$80 million construction loan secured for 197-unit North Park development
JLL arranged the three-year, floating-rate loan on behalf of developer CEDARst Cos. CrossHarbor Capital Partners provided the financing.
A rendering of the Samuel, a 197-unit, Class A multi-housing development being proposed for North Park. The project, which is being developed by CEDARst Cos., just secured $80 million in construction financing.
