ABP Capital provided a $13,375,000 senior construction loan to finance the ground-up development of a 69-unit multifamily property in San Diego’s Hillcrest neighborhood.

The project consists of 68 studios and one one-bedroom unit, totaling approximately 24,751 net rentable square feet, and benefits from by-right zoning with full entitlements in place. Construction utilizes mass timber design, incorporating cross-laminated timber and glulam construction to reduce build time, enhance sustainability, and deliver a differentiated tenant experience. The property will also include affordability-restricted units under the City of San Diego’s Complete Communities Housing Solutions program, allowing increased density and reduced parking requirements.

Situated in the heart of Hillcrest, the site offers exceptional walkability (Walk Score: 93), proximity to major employment centers, healthcare institutions, and transit corridors, and strong demand for smaller-format rental housing. The sponsor, an experienced San Diego-based developer, brings a proven track record of executing similar multifamily projects in the immediate submarket, supporting confidence in timely delivery and stabilization.