Northmarq arranges $26.75M bridge loan for new San Diego mid-rise apartments

SAN DIEGO — Northmarq’s San Diego Debt + Equity team, led by Aaron Beck and Conor Freeman, arranged a $26.75 million bridge loan for 8th & U Apartments, a newly delivered 90‑unit mid-rise multifamily community located in San Diego’s highly sought‑after Hillcrest neighborhood.

Northmarq arranged the bridge loan on behalf of the borrower, Greenline Development Group, through its correspondent relationship with National Life Group. The transaction was structured with a three-year, interest‑only term with extension options.

“With this development being Greenline’s first San Diego Development we brought a bit of New York style with our high-end finishes, thoughtful layouts, and urban walkable lifestyle,” said Gilad Tamir, managing partner of Greenline Development Group. “We tasked ourselves with adding luxury and vibrance while maintaining the character of Hillcrest, apartments that members of this community will call home for years to come.”

“This financing reflects continued lender appetite for well-located, newly delivered multifamily assets with a clear path to stabilization,” Beck said. “We presented this opportunity to more than 40 capital sources which resulted in nearly a dozen highly competitive quotes. 8th & U benefits from a walkable location and an attractive design as evidenced by strong lease-up momentum in just a handful of months. The bridge loan allowed the borrower to retire the existing debt at an appealing interest rate and provides the flexibility to season the asset before transitioning to long-term financing or a sale.”

The property, developed by Greenline in 2025, features one eight-story building and includes 35 studios, 43 one‑bedrooms, and 12 two‑bedrooms, as well as 11 deed‑restricted affordable units.

Residents enjoy a robust amenity package including a rooftop pool and terrace, modern fitness center, coworking lounge, secure bike storage, and pet wash. Units feature contemporary finishes such as quartz countertops, stainless steel Energy Star appliances, in‑unit washer/dryers, premium plank flooring and private patios or balconies.

The Hillcrest submarket continues to demonstrate strong fundamentals and limited new supply, supported by walkability, proximity to Balboa Park, and access to major employment hubs including UC San Diego Medical Center, Scripps Mercy Hospital, and numerous tech, research and life science employers throughout the metro.