JLL Capital Markets has successfully secured a $46.5 million construction loan for Stella Apartments, a 149-unit multifamily development project located in San Diego. The borrower, Murfey Company, was represented by Senior Managing Director Aldon Cole, Managing Director Bryan Clark and Vice President Bharat Madan in securing the three-year floating-rate loan through Buchanan Mortgage Holdings LLC.
According to Cole, this successful arrangement of financing highlights the continued strength of the San Diego multifamily market. He also noted that Stella Apartments’ prime location in North Park and diverse unit offerings make it an attractive investment opportunity in today’s market.
Murfey Company is known for its vertically integrated approach to developing mixed-income and mixed-use projects throughout San Diego. Construction on Stella Apartments is set to begin in Q1 2025 with completion expected by Q2 2027 at its location on El Cajon Blvd., providing convenient access to I-805, Hwy.163 and Hwy.5.
