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Leon Lands Financing for 231-Unit Gilbert Project
Leon Multifamily, a subsidiary of Leon Capital Group secured $41.5 million in construction financing from Alerus Financing for a multifamily project at 3340 E. Warner Road in Gilbert. The 231-unit multifamily community will be near the SanTan Village Mall. In addition, Leon recently closed two other multifamily construction loans in two other towns:
- $58.5 million from ACORE CAPITAL for a multifamily development at 3000 Bearing Way, Morrisville, NC.
- $33.5 million from Broadway Bank for a multifamily development at Heritage Parkway and Miller Road, Mansfield, TX.
David Cocanougher, President of Leon Multifamily, added, “We believe the window to realize lower construction costs and deliver into a lower new supply environment is quickly closing, making our ability to execute these transactions with speed and certainty all the more important. We remain committed to strategically growing our portfolio despite these tough market conditions.”
Over the past two years, Leon Multifamily has initiated or completed nearly 2,300 units across seven developments.
- ◦Financing
