$94.3 million financing arranged for San Francisco-area multihousing development

JLL Capital Markets arranged construction financing for the 189-unit, ground-up multihousing project located at 85 Cleaveland Road in Pleasant Hill, California

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85 Cleaveland
JLL arranged $94.3 million in construction financing for a 189-unit, four-story, Class A multihousing development in downtown Pleasant Hill, California.

JLL Capital Markets announced that it has arranged $94.3 million in construction financing for a 189-unit, four-story, Class A multihousing 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.