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Leon Closes Financing on Morrisville Apartment Project
Leon Capital Group secured $58.5 million in construction financing for its 303-unit multifamily development in Morrisville. ACORE Capital Capital was the lender for the Raleigh/Durham area project at 3000 Bearing Way.
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.”
The company recently closed on two other construction loans: a $41.5 million from Alerus Financial at 3340 E. Warner Road, in Gilbert, AZ and a $33.5 million loan from Broadway Bank for a multifamily development at Heritage Parkway and Miller Road in Mansfield, TX.
Over the past two years, Leon has initiated or completed nearly 2,300 units across seven developments. Since its inception, it has financed, developed, and sold more than 12,000 units.
