A newly completed apartment tower at 2260 El Cajon Boulevard in San Diego's North Park neighborhood has landed a $41 million refinance loan, swapping out its construction debt as the building fills with tenants paying premium rents well above the surrounding area's averages. The eight-story, 125-unit property, known as Tenney North Park, includes 115 market-rate units and 10 affordable units alongside ground-floor retail space.
The senior loan was provided by real estate finance firm PCCP on behalf of Foulger-Pratt, the Potomac, Maryland-based developer that owns the property, according to citybiz. The loan refinances an existing construction loan.
. Debt placement on the refinance was brokered by David Oheb and Joshua Lerer of Meridian Capital Group, per the same account.
Foulger-Pratt established its West Coast presence in 2017 and now operates a regional office in San Clemente, California, after building its original portfolio in the Washington, D.C. metro region, according to Foulger-Pratt.
A Wood-Frame Tower Over Three Levels of Parking
Chicago-based W.E. O'Neil Construction served as general contractor on the project, according to W.E. O'Neil Construction. The eight-story building has units averaging 727 square feet across studio, one-bedroom, and two-bedroom floor plans, and the property includes 3,116 square feet of ground-floor retail and 146 parking spaces.
Interiors include stainless steel appliances, walk-in showers, full-size in-unit washers and dryers, wood-style flooring, and floor-to-ceiling glass, with select units featuring built-in desk areas and private balconies. Shared amenities span clubhouses with coworking space, a rooftop lounge and deck, a swimming pool, indoor and outdoor fitness areas, social courtyards, a pet spa with dog wash stations, EV charging stations, and an outdoor entertainment area with a fireplace and barbecues.
Zoning Rules That Made an Eight-Story Building Possible
The commercial parcels along El Cajon Boulevard in North Park fall within the City of San Diego's Complete Communities Housing Solutions Tier 3 overlay, which includes a 6.5 Floor Area Ratio tier, according to HousingWire. Tenney North Park is an eight-story, 125-unit building on a corridor long dominated by lower-slung commercial buildings. It's part of a broader pattern along the boulevard, where Hoodline previously covered a similar infill project rising in nearby Normal Heights, and reported on the 117-unit Cuatro at City Heights affordable housing development also built along El Cajon Boulevard.
Property management and leasing for Tenney North Park are handled by Greystar, according to Greystar.
Premium Pricing Against a Cooling Neighborhood Market
Those asking rents sit well above the broader North Park neighborhood's averages. Average monthly rents across ZIP code 92104 stood at $2,630 in July 2026, down 4.4% year-over-year, according to ChooseRMG. That gap between Tenney's premium pricing and the neighborhood's softer averages reflects a market absorbing a wave of new supply.
San Diego metro apartment vacancy rose modestly to 5.5% in the second quarter of 2026 as developers delivered 4,785 units in the first half of the year, a 42% surge over 2025 deliveries, while regional absorption climbed 39% to 3,827 units, according to San Diego Apartment Expert. That same report found the region's active multifamily construction pipeline has since contracted 21% to roughly 11,800 units by mid-2026, with building permits projected to fall nearly 20% year-over-year following several years of around 6,400 annual unit completions.
Tenney North Park fronts El Cajon Boulevard near North Park's 30th Street dining and entertainment corridor, which features roughly 1.6 million square feet of retail and more than 100 restaurants, per citybiz. The property sits about 10 minutes from downtown San Diego and less than 10 minutes from the Hillcrest healthcare cluster, which includes Scripps Mercy Hospital and UC San Diego Medical Center Hillcrest, with UTC/La Jolla roughly 20 minutes away.
PCCP, the firm behind the refinance, is a real estate finance and investment management company focused on commercial real estate debt and equity investments, with offices in New York, San Francisco, Los Angeles, Atlanta, and Seoul. The firm reported approximately $30.1 billion in assets under management as of June 30, 2026, and says it has managed, raised, or invested more than $50.4 billion in capital since its 1998 founding.
