CEDARst Closes Construction Financing, Breaks Ground on 197-Unit Multifamily Development in North Park

‍CEDARst Companies

has announced the closing of construction financing and the commencement of construction on a 197-unit multifamily development, The Samuel, located at the corner of Adams Avenue and Idaho Street in San Diego’s North Park neighborhood.

CrossHarbor Capital Partners

provided an $80,000,000 construction loan for the project. JLL Capital Markets, led by Zach Kersten, arranged the financing. KPRS Construction Services will serve as general contractor, overseeing all phases of construction.

The development will feature 189 parking spaces and a full suite of resident amenities, including a swimming pool, fitness center, dedicated coworking lounge, and a sunset-facing rooftop deck. Once complete, the project will add much-needed housing to one of San Diego’s most walkable and amenity-rich urban neighborhoods.

“North Park continues to be one of San Diego’s most in-demand submarkets, and this project reflects our commitment to delivering thoughtfully designed, amenity-forward housing in infill locations,” said Will Murphy, CEO, CEDARst Companies. “We’re grateful for the partnership with CrossHarbor and KPRS as we move this project into vertical construction.”

The Samuel adds to CEDARst’s footprint in San Diego, complementing four other projects under development and one stabilized asset. Construction completion at The Samuel is anticipated in September 2028.

About CEDARst:

CEDARst Companies is a nationally recognized multifamily real estate developer and operator with offices and active projects across the United States. The firm’s portfolio spans eight states, concentrated on the Midwest, the West Coast, and South Florida with offices in Chicago, San Diego, and Miami. To date, CEDARst has developed and acquired over 10,000 residential units, representing over $4 billion in total asset value. For more information, visit www.cedarst.com.

About CrossHarbor Capital Partners:

Founded in 1993, CrossHarbor Capital Partners is a real estate investment manager offering a multi-strategy investment platform providing investors with broad access to opportunities across property types, geographies, and the capital structure. With a $34+ billion investment track record, the firm currently has $11.0 billion in assets under management in investment programs spanning the risk-return spectrum. Through its nation-wide, relationship-driven origination platform, disciplined investment approach, and experienced team of professionals, CrossHarbor seeks to generate consistent, risk-adjusted performance while focusing on capital preservation. CrossHarbor is based in Boston with offices in Chicago, Los Angeles, and Big Sky. For more information, please visit www.CrossHarborCapital.com.

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