North Park Nest: $10.1M construction takeout financing secured for a recently delivered apartment community in San Diego

SAN DIEGO, Mar. 28, 2025 - JLL Capital Markets announced today that it has secured a $10.1 million bridge financing for North Park Nest, a 39-unit multifamily property in San Diego, California.

JLL represented the borrower, Naturally Affordable Housing, in arranging the short-term floating rate loan.

North Park Nest, located at 4233 Kansas St. in San Diego's North Park neighborhood, offers a prime location with a "Walker's Paradise" score of 98. The community is situated near popular amenities, restaurants and the North Park Community Park, appealing to those seeking urban living with easy access to local attractions.

The newly constructed four-story property features a mix of studios and one-bedroom units, with an average size of 486 square feet and spacious 11-foot ceilings. Amenities include air conditioning, stainless-steel appliances, in-unit washer/dryers and a rooftop deck with a BBQ and lounge area.

San Diego continues to be a thriving metro area with a strong economy and exceptional quality of life. The North Park neighborhood, in particular, has seen significant growth and revitalization in recent years, attracting young professionals and families alike.

JLL Capital Market's Debt Advisory team representing the borrower was led by Director Brad Vansant and Analyst Ben Choromanski.

"We have seen a renewed appetite among lenders for newly delivered, well-located multifamily projects in lease-up like North Park Nest," said Vansant. "The success of the project is evidence of the robust tenant demand for more newly built projects offering rents in the 80-120% AMI range."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.