PCCP Provides $41M Refinancing for Multifamily Community in San Diego
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. San Diego life sciences vacancy remains the lowest in the major life-science clusters, and multifamily fundamentals continue to be supported by a coastal supply ceiling. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 18th San Diego story tracked on the wire in October 2026. All San Diego coverage →
- Disclosed multifamily deal value tracked in October 2026: $7.3B across 75 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
SAN DIEGO — PCCP has provided a $41 million senior loan to refinance Tenney North Park, a 125-unit apartment building at 2260 El Cajon Blvd. in San Diego’s North Park submarket. The loan was provided on behalf of owne…
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