CEDARst Secures $80M for San Diego Project
Completion is slated for the third quarter of 2028.
CEDARst Cos. has obtained an $80 million construction loan for The Samuel, a 197-unit project in San Diego. CrossHarbor Capital Partners issued the debt.
A JLL Capital Markets team led by Senior Director Zach Kersten arranged the deal. KPRS Construction Services is the general contractor.
The developer has already broken ground, with completion expected in September 2028. The Samuel will feature studio, one- and two-bedroom layouts. Amenities are set to include a swimming pool, gym, coworking lounge and rooftop deck.
The development is taking shape at the intersection of Adams Avenue and Idaho Street in San Diego’s North Park neighborhood, more than 1 mile from the interchange between interstates 8 and 805.
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The Samuel marks CEDARst’s sixth property in San Diego. The company has four other projects in the pipeline and one stabilized community. Just last year, it broke ground on two other developments in the market.
The North Park neighborhood included one of last year’s projects, Bancroft Lofts. Completion on the $106 million, 218-unit property is expected by the end of next year. For the other community, The Lawson, CEDARst partnered with Bridge Investment Group. The 180-unit, $89 million project rises in a qualified opportunity zone within the adjacent neighborhood of South Park.
Strong demand offsets 25-year delivery high
Both neighborhoods are part of the East San Diego submarket, which, according to a Matthews report, held an underway pipeline that accounted for 3.3 percent of inventory as of June. The market average clocked in at nearly 3 percent, below the cyclical high of 4 percent registered in 2024.
The heightened new project wave resulted in the delivery of 6,793 units on a trailing 12-month basis through June, marking a 57.8 percent annual increase, the same source shows. What’s more, 2025’s total housing completion count was the largest in approximately 25 years. Demand was also strong, with the market recording a net absorption of 3,570 units during the second quarter, marking a 185.1 percent year-over-year growth.
