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| Olga Walsh |
SAN DIEGO, CA – JLL Capital Markets has arranged the $26.9 million construction financing for Onyx on Park, a 61-unit, urban infill multi-housing community located in the Hillcrest neighborhood of San Diego, California.
JLL represented the borrower, DiversyFund,
Inc. with Highland Construction to secure a 74% loan-to-cost fixed-rate
financing package consisting of an $18.95 million senior loan and a $7.96
million mezzanine loan.
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| Bryan Clark |
“Even in this unusually volatile market, there
was an incredible amount of enthusiasm from lenders for this project. In
turbulent times, there’s always a flight to quality, and Onyx on Park will be
one of the highest quality apartment communities in Hillcrest,” Clark said.
Diversyfund selected this combination of lenders
due to their ability to provide competitive proceeds and excellent loan terms,
including a fixed interest rate to alleviate any interest rate risk during the
loans’ co-terminus five-year term.
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| Daniel Pinkus |
With an anticipated completion of Q4 2023, the seven-story Onyx on Park will feature one- and two-bedroom units with an average size of 912 square feet.
Situated at 3922-3932 Park Blvd. the site is
located four blocks east of the I-163 Freeway in the Hillcrest submarket at the
intersection of Park Boulevard and University Avenue.
Residents will benefit from immediate access to
over 230 restaurants and bars in the Hillcrest epicenter, walkable neighborhood
amenities and major employers, including UC San Diego Medical Center, Scripps
Hospital and SPAWAR.
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CONTACT:
Jenna Sharp
JLL
M +1 214 394 3356
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