Leon Capital Group Secures $134 Million Construction Loan For Multifamily Development Projects

The asset involved in this transaction is a development site located across three markets: Mansfield, TX; Morrisville, NC; and Gilbert, AZ. It has secured a total loan amount of $134,000,000 specifically designated for construction purposes, which will facilitate the development of 842 residential units. The average debt per unit for these projects stands at $159,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $134,000,000
• Lender: Acore Capital, Broadway Bank & Alerus Financial
• Landlord: David Cocanougher - Leon Capital Group
• Units Funded: 842
• Average Debt per Unit: $159,000

The financing is aimed at three multifamily projects, including a notable allocation of $33.5 million for a development situated in the Dallas-Fort Worth area. This transaction highlights the collaboration between key financial entities and Leon Capital Group, under the leadership of David Cocanougher, as they progress towards expanding multifamily housing in the respective markets.