San Diego Project Lands $27M Construction Financing
JLL Capital Markets secured two loans for the 61-unit property.
Onyx on Park. Image courtesy of JLL Capital Markets
A partnership of DiversyFund Inc. and Highland Construction has landed $26.9 million in financing for the construction of Onyx on Park, a 61-unit multifamily community in the Hillcrest neighborhood of San Diego. A JLL Capital Markets debt advisory team arranged the financing for the borrower.
To finance the construction of the project, the JLL team led by Managing Director Bryan Clark, Director Olga Walsh and Associate Daniel Pinkus secured a 74 percent loan-to-cost financing package consisting of a senior loan of roughly $19 million and a mezzanine loan of nearly $8 million. The fixed-rate loans carry a five-year maturity term.
Slated for a late 2023 completion, the seven-story community will feature one- and two-bedroom floorplans, averaging 912 square feet, and will be partially affordable, according to Yardi Matrix. Located at 3922-3932 Park Blvd., Onyx on Park will rise east of Interstate 163. The property will be positioned at the junction of Park Boulevard and University Avenue, with easy access to several shopping, dining and entertainment options offered by Hillcrest. Walkable neighborhood amenities and major employers, including UC San Diego Medical Center, Scripps Hospital and SPAWAR, are also in the proximity of the community.
In another recent move, JLL secured a seven-year, interest-only, fixed-rate acquisition loan through Freddie Mac Multifamily for Walnut Tower, a 180-unit multifamily community in Kansas City, Mo. Earlier this month, the company also announced another Freddie Mac Multifamily refinancing loan for Gateway Place Phase II Apartments, a 144-unit multifamily community in Greeley, Colo.
