$53,200,000 Bridge Loan Secured for Multifamily Property in San Diego, CA
Jun 25, 2026 Debt Fund
Deal Summary
A lending affiliate of Castlelake provided a $53.2 million floating rate senior bridge loan secured by Monroe North Park, a newly delivered 137-unit Class A multifamily community at 3090 Polk Avenue in the North Park neighborhood of San Diego, with the lender identified through title records. The loan will carry the property through lease-up and stabilization.
Delivered in 2025, Monroe North Park is an eight-story podium building with roughly 87,000 net rentable square feet, structured parking with EV charging, and rooftop entertainment and co-working amenities aimed at affluent urban renters. North Park is a supply constrained, high demand urban submarket where basis protection and a clear path to stabilization support this kind of lease-up execution.
Lease-up bridge financing on newly delivered Class A product has become one of the most competitive corners of the debt fund market in Southern California. Institutional credit platforms are willing to step in at completion, before stabilized occupancy, when the submarket fundamentals and sponsor track record support the business plan.
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Market Notes
Developers delivering new multifamily in strong Southern California submarkets have real options between an early bridge takeout of the construction loan and waiting for stabilization to go straight to permanent debt. The bridge route frees construction capacity and can return equity sooner, while the direct-to-perm route saves a round of transaction costs. The right answer depends on lease-up velocity, construction loan pricing, and where the sponsor wants leverage to sit at stabilization, and it is worth modeling both before the certificate of occupancy arrives.
Transaction Details
- Closing Date
- Jun 25, 2026
- Loan Amount
- $53,200,000
- Loan Type
- Debt Fund
- Loan Purpose
- Bridge
- Capital Type
- Senior Debt
- Rate
- Floating
- Asset Type
- Multifamily
- Source
- Public records
Property
- Property Name
- Monroe North Park
- Address
- 3090 Polk Ave
- City, State
- San Diego, CA
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Transaction details are compiled from public announcements, press releases, industry reporting, or information submitted by parties to the transaction, and have not been independently verified by LoanList CRE. Terms shown may be approximate. Nothing on this page constitutes a quote, offer, or guarantee of financing terms. Full disclaimer.