$26.9M financing arranged for multi-housing development in San Diego

SAN DIEGO, September 26, 2022 – JLL Capital Markets announced today that it has arranged the $26.9 million construction financing for Onyx on Park, a 61-unit, urban infill multi-housing community located in the Hillcrest neighborhood of San Diego, California.

JLL represented the borrower, DiversyFund, Inc. with Highland Construction to secure a 74% loan-to-cost fixed-rate financing package consisting of an $18.95 million senior loan and a $7.96 million mezzanine loan. Diversyfund selected this combination of lenders due to their ability to provide competitive proceeds and excellent loan terms, including a fixed interest rate to alleviate any interest rate risk during the loans’ co-terminus five-year term.

With an anticipated completion of Q4 2023, the seven-story Onyx on Park will feature one- and two-bedroom units with an average size of 912 square feet. Situated at 3922-3932 Park Blvd. the site is located four blocks east of the I-163 Freeway in the Hillcrest submarket at the intersection of Park Boulevard and University Avenue. Residents will benefit from immediate access to over 230 restaurants and bars in the Hillcrest epicenter, walkable neighborhood amenities and major employers, including UC San Diego Medical Center, Scripps Hospital and SPAWAR.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Bryan Clark, Director Olga Walsh and Associate Daniel Pinkus.

“Even in this unusually volatile market, there was an incredible amount of enthusiasm from lenders for this project. In turbulent times, there’s always a flight to quality, and Onyx on Park will be one of the highest quality apartment communities in Hillcrest,” Clark said.

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 and sales 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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DiversyFund Inc. is a leading fintech investment platform based in San Diego, enabling the everyday investor access to private real estate markets, focused on multifamily assets. DiversyFund’s founders and its leadership have combined their expertise in real estate investing, syndication, fund management and technology to democratize investing. The company’s institutional-quality offerings are now available to everyone through an innovative use of technology and a unique business model. DiversyFund Inc. boasts a community of over 500,000 users, including 30,000 investors. Visit www.DiversyFund.com for more info.

Highland is a locally owned and operated general contractor / design builder, established in 1993, and has collaborated with private developers, municipal and public agency clients on a variety of multifamily communities and public & private projects since 1993 providing construction and design build services.