Sean Murphy Of Pacific Development Secures $97 Million Construction Loan For Madrone In Santa Rosa

The asset involved in this transaction is a development site in Santa Rosa, California, where a construction loan will facilitate the creation of Madrone, a 396-unit apartment community. This community represents the initial phase of an 800-unit mixed-housing project that has been approved in 2024 to tackle the city’s housing shortage. The construction loan amounts to $97 million and is intended for building both multifamily apartments and additional retail space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $97,000,000
• Lender: Comerica Bank, California Bank & Trust, First Hawaiian Bank
• Landlord: Sean Murphy - Pacific Development; Cathy Marcus - PGIM
• Broker: Charles Halladay - JLL

This transaction involves key representatives in the deal, specifically Sean Murphy, representing Pacific Development, and Cathy Marcus, representing PGIM Real Estate. Charles Halladay from JLL acted as the broker for this loan arrangement, enabling the development of crucial housing solutions for the local community.