Bay Area Project Secures $94M

Gemdale USA is bringing 189 units to Pleasant Hill, Calif.

Rendering of 85 Cleaveland. Image courtesy of JLL

JLL Capital Markets has arranged $94.3 million in construction financing for a 189-unit, Class A community in Pleasant Hill, Calif., on behalf of developer Gemdale USA. The financing is composed of a senior loan held by Bank OZK and mezzanine financing from AvalonBay Communities.

The multifamily property will be located at 85 Cleaveland Road in downtown Pleasant Hill, replacing a vacant office building. The four-story property will encompass 189 units with amenities including a fitness center, a clubroom, an outdoor courtyard, outdoor meeting rooms, fireplaces, rooftop and pool deck.

The community will be situated next to a Cinemark movie theater, 3 miles from Briones Regional Park, 3.6 miles from Buchanan Field Airport and close to 350,000 square feet of retail and dining space. KTGY Architecture will be in charge of design. According to JLL, the project is the first new residential community in Pleasant Hill in more than three decades.

Senior Director Brandon Roth, Directors Nicco Lupo and Tatiana Hodapp, as well as Senior Managing Director Jordan Angel of JLL Capital Markets’ debt and equity advisory team represented the borrower.

Although the Bay Area’s multifamily market was one of the hardest hit during the pandemic-induced downturn of 2020, the area has bounced back and is more than making strides. Metro San Francisco rents were up 9.7 percent year-over-year through June, according to a recent Yardi Matrix report.

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