CEDARSt, Bridge Secure $47M for San Diego Community
The Fannie Mae loan retires previous construction financing.
CEDARSt and Bridge Investment Group have secured $46.8 million in refinancing for The Nash Apartments, a 190-unit community in San Diego.
Greystone arranged the seven-year, fixed-interest Fannie Mae loan. The note retires a previous $43.5 million construction loan, originated by BMO Bank in 2022, and generated cash-out proceeds.
Located in a Difficult Development Area and Opportunity Zone at 4135 Park Blvd., the seven-story building came online in 2024. It is adjacent to Park Boulevard and close to University Drive. Downtown San Diego is 4 miles south.
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The Nash comprises studio, one- and two-bedroom units ranging from 414 to 763 square feet. All apartments include washer/dryers and microwaves and some of them have private balconies or patios. Of the property’s 190 units, 10 are reserved for low-income housing.
Shared amenities at the pet-friendly community feature a two-level fitness center, conference room, community lounge, game room, swimming pool, spa, rooftop terrace, grilling station and media room. Moreover, roughly 2,100 square feet of retail is located on the ground floor. Flats manages the property.
San Diego’s multifamily supply grows
San Diego had strong supply momentum as of the second quarter of this year, a Northmarq report noted. The metro has added 3,900 new units year-to-date as of June, double the figure recorded during the same time last year. However, the development pipeline remained at the same level of 2025, with 8,900 multifamily units under construction.
Yardi Matrix tracks more than 148 multifamily properties within a 3-mile radius of The Nash, totaling more than 29,900 units. About 4,400 units are underway, while 2,900 are planned and 10,600 are prospective.
One of those properties is The Samuel, a 197-unit project also being developed by CEDARSt roughly 2 miles from The Nash. The firm recently obtained $80 million from CrossHarbor Capital Partners for the development, which is expected to come online in September 2028.
