CEDARst Companies has lined up construction financing and officially broken ground on The Samuel, a planned 197-unit multifamily community at the corner of Adams Avenue and Idaho Street in San Diego’s North Park neighborhood. The new development advances CEDARst’s expansion in the market and moves from predevelopment into active construction following the loan closing.
The Samuel is being built as a ground-up residential project with a full suite of amenities intended for residents. Plans call for 189 on-site parking spaces to support the 197-unit program, reflecting a relatively high parking ratio for a dense infill location. The project is positioned within North Park, a neighborhood described by the sponsor as one of San Diego’s most in-demand submarkets.
CrossHarbor Capital Partners is providing an $80,000,000 construction loan for The Samuel, supplying the debt capital needed to bring the project out of the planning phase and into vertical construction. The financing was arranged by JLL Capital Markets, with a team led by Zach Kersten, underscoring the continued role of intermediary capital markets platforms in sourcing and structuring construction capital for multifamily developers.
KPRS Construction Services has been engaged as the general contractor for the development. With the loan closing in place, KPRS is moving the project forward on site, coordinating vertical construction and implementation of the planned amenity package and parking program. The sponsor expects the project to follow a multi-year construction timeline, with completion currently projected for September 2028.
CEDARst positions The Samuel as an example of its strategy to deliver “thoughtfully designed, amenity-forward” housing in infill locations. Company CEO Will Murphy emphasized the firm’s focus on high-demand neighborhoods such as North Park and noted the importance of the firm’s collaboration with CrossHarbor Capital Partners and KPRS Construction Services as the project transitions from financing to active build-out.
The Samuel will join a growing local portfolio for CEDARst. According to the company, this development adds to four other CEDARst projects currently under development in San Diego and one stabilized property already in operation. Once delivered, The Samuel is expected to expand the firm’s presence in the San Diego rental housing market and contribute additional modern multifamily inventory in the North Park neighborhood.
