Buchanan Mortgage Holdings Lends $46.5M for San Diego's Stella Apartments

Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, has provided a $46.5 million construction loan for the development of Stella Apartments, a 149-unit multifamily project in San Diego's North Park neighborhood. The project is spearheaded by the Murfey Company, which was represented by JLL Capital Markets in securing the loan. This three-year, floating-rate loan exemplifies Buchanan's strategic focus on supporting experienced sponsors in multifamily lending, offering higher leverage than traditional banks without the need for third-party mezzanine debt or preferred equity. The North Park area of San Diego, known for its rapid growth and urban appeal, offers strategic access to job centers and amenities, making it an attractive location for young professionals and families. The Stella Apartments will feature modern amenities including a rooftop terrace and gym. Buchanan Mortgage Holdings specializes in providing flexible and innovative financing solutions for commercial and multifamily properties across the Western United States.