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7/22/22
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Gemdale USA has obtained $94.3 mil in construction financing for development of a 189-unit, four-story, Class A multi-housing development located in downtown Pleasant Hill.
Situated at 85 Cleaveland Rd, the property is located in downtown Pleasant Hill and is adjacent to 350k sf 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.
Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp with JLL Capital Markets Debt and Equity Advisory arranged the transaction, consisting of senior financing through Bank OZK and mezzanine financing through AvalonBay Communities.
“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.”
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