Funding has been secured for the construction of Onyx on Park a 61-unit multifamily community in Hillcrest district, San Diego. DiversyFund Inc. and Highland Construction collaborated to get $26.9 million in financing. The borrower’s financing was negotiated by a debt advisory team from JLL Capital Markets.
The seven-story neighborhood will have one- and two-bedroom floorplans with an average square footage of 912. Further, they will be largely affordable when it is finished in late 2023. Onyx on Park will be built between 3922 and 3932 Park Boulevard, east of Interstate 163. The property will be situated among a number of Hillcrest’s dining, entertainment, and shopping options. These include the intersection of Park Boulevard and University Avenue.
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More on the Onyx on Park in San Diego
The community is also close to significant enterprises including the Scripps Hospital, SPAWAR, and the UC San Diego Medical Center. They are all walkable local attractions. A senior loan of around $19 million and a mezzanine loan of nearly $8 million were obtained by the JLL team, which was led by Managing Director Bryan Clark, Director Olga Walsh, and Associate Daniel Pinkus, to fund the project’s construction. The five-year maturity period for the fixed-rate loans.
“Lenders were really enthusiastic about this idea, even in an exceptionally volatile environment. There is always a flight to quality during difficult times, and Onyx on Park will be among the best apartment complexes in Hillcrest, according to managing director Bryan Clark.
Another recent development involved Walnut Tower, a 180-unit multifamily community in Kansas City, Missouri, for which JLL obtained a seven-year, interest-only, fixed-rate acquisition loan through Freddie Mac Multifamily. Another Freddie Mac Multifamily refinancing deal for Gateway Place Phase II Apartments, a 144-unit multifamily property in Greeley, Colorado, was also announced earlier this month by the business.
