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California  + Bay Area  + Finance  |  July 31, 2025
Paul Bubny
By: Paul Bubny

Pacific Development, PGIM Secure Financing for Santa Rosa Mixed-Use

Pacific Development and its institutional investment partner PGIM Real Estate have secured a $97-million construction loan from Comerica Bank, California Bank & Trust and First Hawaiian Bank on a multifamily and mixed-housing project in Santa Rosa. The 396-unit apartment community, Madrone, will be the flagship of a three-phase master plan that will bring nearly 800 units to the community.

The master plan, which was unanimously approved in November 2024, marks the largest mixed-housing project Santa Rosa has seen in more than 20 years. The City of Santa Rosa worked closely with Pacific Development to annex a former dairy farm, which was historically zoned as a county island, into the city in late 2024.

“Santa Rosa is an exceptional, growing community that has so much to offer,” said Sean Murphy, Founding Partner at Pacific Development. “We’re proud to support that growth by delivering a community that serves as an extension of their existing success by enhancing the living experience for residents, while also fostering a greater sense of connection for the broader Santa Rosa community.”

JLL Capital Markets arranged the financing.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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