Luxury Condo Development Receives $51M Construction Loan

Diamond Construction Inc.’s Jeff Stone and three high net worth individuals have received a $51.1 million construction loan for 375 W. El Pintado, a 50-unit luxury condo development in Danville, Calif. The community will cater to owners over the age of 55.

JLL Capital Markets brokered the transaction, with Director Matt Cimino and Senior Managing Director Jordan Angel securing the financing from a Southern California lender.

Upon its expected completion in 2025, the 375 W. El Pintado development will comprise 13 one-bedroom, 29 two-bedroom and eight three-bedroom units. Common-area amenities are set to include a fitness center, a lounge, a game area, a library, a rooftop terrace, firepits, walking paths and parking spaces.

Located at 375 W. El Pintado, the community will be within walking distance from downtown Danville, providing easy access to a variety of dining and retail options, including a weekly farmer’s market and a shopping center anchored by Trader Joe’s. Residents can join one of the four county clubs situated within a 15-minute drive of the property, to practice golf, tennis and swimming, among other activities. The 1.9-acre project site is also near Interstate 680, which provides easy access across the Bay Area.

According to JLL, the Walnut Creek/San Ramon submarket has benefited from the pandemic-induced migration trend away from San Francisco. Over the last three years, more than 3,500 households moved to the eastern suburbs. In Danville in particular, the median home price is close to $1.9 million. A less costly housing alternative, the 375 W. El Pintado project represents a discount relative to nearby single-family homes, which sell for more than $1,300 per square foot.