Broadshore Capital Partners, LLC has provided a $53.2 million floating-rate senior bridge loan secured by Monroe North Park, a newly built Class A multifamily property in San Diego’s North Park neighborhood. The 137-unit community, located at 3090 Polk Ave., has recently delivered and is in the early stages of lease-up. Broadshore completed the financing in partnership with an institutional investor with which it maintains an ongoing lending relationship.
The bridge loan is structured to support the lease-up and stabilization of the asset following its 2025 delivery. As a newly constructed community, Monroe North Park is positioned as an institutional-quality property, with features that include structured parking equipped with EV charging capabilities. The property also offers rooftop entertainment spaces alongside co-working amenities designed to cater to residents who value flexible work environments and shared social areas.
Broadshore characterizes San Diego as one of the strongest multifamily markets in the country, with North Park specifically highlighted as a supply-constrained, high-demand urban submarket. Against that backdrop, the lender views Monroe North Park as aligning with its focus on placing capital into newer, well-located assets that it believes can attract and retain residents over the long term. The financing is intended to carry the property through its initial lease-up period to a stabilized operating profile.
According to Broadshore CEO Bradford Howe, the loan reflects the firm’s strategy of channeling institutional capital into recently delivered multifamily communities where it has conviction in both the physical quality of the collateral and the underlying market fundamentals. The partnership with an institutional investor on this transaction also underscores Broadshore’s continued role as a capital provider to multifamily sponsors seeking senior bridge financing for new, high-end rental properties.
While detailed loan terms were not disclosed, the floating-rate senior bridge structure suggests a focus on providing flexibility during the ramp-up of occupancy and income at Monroe North Park. As the property advances toward stabilization, the sponsorship will have the opportunity to demonstrate performance in a dense infill neighborhood that Broadshore views as benefiting from tight supply and consistent renter demand.
