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SAN DIEGO — Murfey Cos. has received $46.5 million in construction financing for Stella Apartments in San Diego’s North Park neighborhood. Aldon Cole, Bryan Clark and Bharat Madan of JLL Capital Markets’ Debt Advisory arranged a three-year floating-rate loan through Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, for the borrower.
Located at 3104 El Cajon Blvd., Stella Apartments will consist of 149 apartments across nine stories. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a rooftop terrace, community gym, outdoor amenity space and lobby. Murfey Cos. plans to break ground on the project this quarter. Construction is expected to complete in the second quarter of 2027.