Pleasant Hill Development Secures $94M Construction Loan

JLL Capital Markets has arranged $94 million in construction financing for a 189-unit, four-story, Class-A multi-housing development in downtown Pleasant Hill, CA. The firm’s Capital Markets Debt and Equity Advisory team of Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp worked on behalf of the borrower, Gemdale USA. 

The senior financing was secured through Bank OZK and the mezzanine financing through AvalonBay Communities. 

Situated at 85 Cleaveland Road, the property is adjacent to retail, restaurants and a movie theater. Once completed, the ground-up project will offer first-class amenities including a fitness center, outdoor meeting rooms and fireplaces.

“This is a remarkable development site,” said Roth. “Gemdale is replacing a vacant office building with high quality housing that is desperately needed in this area. Given the lack of developable sites, downtown Pleasant Hill hasn’t benefitted from new apartments in over 30 years.”