PCCP has provided a $41 million senior loan to refinance Tenney North Park, a newly constructed, 125-unit multifamily property with ground-floor retail in San Diego’s North Park submarket. That number says more than any press release.
The loan was provided on behalf of ownership and developer, Foulger-Pratt, and refinanced an existing construction loan.
I read this as the classic handoff from construction financing to senior debt, where a lender underwrites actual performance rather than projections.
Built in 2025, Tenney North Park is an eight-story property located at 2260 El Cajon Boulevard, one of North Park’s main commercial thoroughfares. The property features 115 market-rate units and 10 affordable units, with studio, one-bedroom and two-bedroom floor plans averaging 727 square feet. The property also includes 3,116 square feet of ground-floor retail and three levels of parking totaling 146 spaces.
The unit interiors feature stainless steel appliances, walk-in showers, full-size in-unit washers and dryers, wood-style flooring, and floor-to-ceiling glass. PCCP has approximately $30.1 billion in assets under management on behalf of institutional investors as of June 30, 2026. Foulger-Pratt is a privately-held, vertically integrated developer, operator, and owner founded in 1963 with 15+ million SF developed and a multifamily portfolio of 7,700+ units across the United States.