$94.3M financing arranged for San Francisco-area multi-housing development
JLL Capital Markets arranged construction financing for the 189-unit, ground-up multi-housing project located at 85 Cleaveland Road in Pleasant Hill, California
SAN FRANCISCO, July 21, 2022 – JLL Capital Markets announced today that it has arranged $94.3 million in construction financing for a 189-unit, four-story, Class A multi-housing development located in downtown Pleasant Hill, California.
JLL worked on behalf of the borrower, Gemdale USA, to secure the senior financing through Bank OZK and the mezzanine financing through AvalonBay Communities.
Situated at 85 Cleaveland Rd., the property is located in downtown Pleasant Hill and is adjacent to 350,000 square feet of retail stores, restaurants and a movie theater. Once complete, the project will offer a first-class amenity package, including a fully equipped fitness center, communal lounges, state-of-the-art clubroom, an outdoor courtyard with lounge seating, an amenitized rooftop and pool deck, co-working lounge and outdoor meeting rooms, fireplaces and a resort-style feel.
The JLL Capital Markets Debt and Equity Advisory team representing the borrower was led by Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp.
“This is a remarkable development site,” said Roth. “Gemdale is replacing an obsolete office building that sat vacant for years with 189 units of high-quality housing that is desperately needed in this area. Given the lack of developable sites, the community in downtown Pleasant Hill hasn’t benefitted from new apartments in over 30 years.”
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 and sales 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Gemdale USA
Gemdale USA Corporation (“Gemdale USA”) is a real estate investment and development company headquartered in Pasadena, California. The company also has offices in New York City, San Francisco, Seattle and Dallas, and develops office and commercial, multifamily rental and for-sale residential projects, either stand alone or mixed-use with retail. Gemdale USA’s fully-integrated platform is comprised of a team of over 80 professionals with skill sets across all functional areas of real estate, including acquisitions, development, construction, design, asset management, accounting/finance and capital markets. The company focuses on Class-A ground-up developments in key gateway high-barrier to entry markets across the country.
About Bank OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended December 31, 2021, RESG originated approximately $35 billion in new commercial real estate construction loans. For more information visit www.ozk.com.