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: “The successful arrangement of this construction financing for Stella Apartments highlights the continued strength of the San Diego multifamily market.” He also noted that with its prime location in North Park and diverse unit offerings, this project presents an attractive investment opportunity in today’s market.
Murfey Company is well-known for their mixed-income and mixed-use developments throughout San Diego. Construction on Stella Apartments is set to begin in Q1 of 2025 with completion expected by Q2 of 2027. The property will be situated at 3104 El Cajon Blvd., providing convenient access to major highways such as I-805, Hwy.163 and Hwy.5.
