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| Tatiana Hodapp |
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. 
Brandon Roth
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. 
Nicco Lupo
"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.
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| Jordan Angel |
The firm has more than
3,000 Capital Markets specialists worldwide with offices in nearly 50
countries.
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Contact:
Jenna
Sharp, JLL Associate, Public Relations
Phone: +1 214 394 3356
Email: Jenna.Sharp@am.jll.com
