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Northmarq’s San Diego Debt + Equity team has arranged a bridge loan for 8th & U Apartments, a newly completed multifamily property in San Diego’s Hillcrest neighborhood. The financing supports a mid-rise community totaling 90 units, delivered as a new addition to the Hillcrest residential market.
The debt placement was led by Northmarq professionals Aaron Beck and Conor Freeman. Working on behalf of Greenline Development Group, the team secured a $26.75 million bridge loan for the property. The loan was placed through Northmarq’s correspondent relationship with National Life Group.
The bridge facility is structured with a three-year, interest-only term and includes extension options. This short-term structure is designed around the needs of a newly delivered community, providing flexibility while the asset establishes its position in the local multifamily market.
Greenline Development Group delivered 8th & U Apartments in 2025, marking the firm’s first development in San Diego. The property is located in Hillcrest, a long-established neighborhood that combines residential density with an urban, walkable environment.
The 90-unit community offers a mix of studios and larger residences. The unit mix includes 35 studios, 43 one-bedroom apartments, and 12 two-bedroom apartments. In addition, the project incorporates 11 deed-restricted affordable units, adding an income-restricted component to an otherwise market-rate offering.
Commenting on the project, Greenline managing partner Gilad Tamir highlighted the design approach and neighborhood context. He noted that, as Greenline’s initial entry into the San Diego market, the team sought to introduce design elements associated with New York, including high-end finishes and thoughtfully planned layouts, while still aligning with Hillcrest’s established character.
Tamir added that the development was conceived to contribute luxury and vibrancy to the neighborhood, with an emphasis on an urban, walkable lifestyle. The intention is for residents to be able to connect with the surrounding community, with the property positioned as a long-term housing option for Hillcrest-area renters.
The combination of a newly constructed mid-rise building, a defined unit mix, and an affordable housing component, backed by a bridge loan from an institutional lender, reflects ongoing capital interest in San Diego multifamily, particularly in mature infill neighborhoods such as Hillcrest.
The post Northmarq Arranges $26.75M Bridge Loan for 8th & U Apartments in San Diego’s Hillcrest appeared first on CRE Market Beat.
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