$51.1M in construction financing secured for a 50-unit active adult luxury condo development in California
375 W El Pintado is an age restricted community that is set to deliver in 2025
SAN FRANCISCO, Feb. 8, 2024 – JLL Capital Markets announced today that it arranged $51.1 million in construction financing for 375 W El Pintado, a 50-unit, active adult luxury condo development in Danville, California.
JLL represented the borrowers, Jeff Stone of Diamond Construction Inc. and three high net worth individuals, in securing the financing from a Southern California based lender.
The development will be comprised of 13 one-bedroom, 29 two-bedroom, and eight three-bedroom condominium-style unit, with amenities that include a lounge, game area, library, rooftop terrace with bocce ball, firepits, barbecue and fitness center. The project is deed restricted to owners above the age of 55 and is planned to deliver in 2025.
375 W. El Pintado is walking distance from Danville’s downtown with quick access to fine dining, many luxury boutiques, a weekly farmer’s market and a shopping center anchored by Trader Joe’s. Along with being walking distance to downtown, residents can join one of four county clubs within a 15-minute drive of the property where there is access to golf, tennis, swimming and more.
The Walnut Creek/San Ramon submarket benefited from COVID as many households moved away from San Francisco and to the suburbs of the East Bay. Over 3,500 households migrated to these suburbs over the last three year with just ~1,000 housing units delivered during the same time period. Danville is a safe and affluent town in this submarket with a median home price of $1.89 million with nearby single-family homes selling for over $1,300 per square foot. 375 W El Pintado represents a discount relative to proximate single family homes and provides much needed housing in the East Bay.
The JLL Capital Markets team was led by Director Matt Cimino and Senior Managing Director Jordan Angel.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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