**Pacific Development and PGIM Secure $97M Financing for Landmark Santa Rosa Mixed-Use Project**
Pacific Development, in partnership with institutional investor PGIM Real Estate, has secured a $97 million construction loan for a dynamic new multifamily and mixed-housing project in Santa Rosa. The financing was arranged by JLL Capital Markets and provided by Comerica Bank, California Bank & Trust, and First Hawaiian Bank.
The development, known as Madrone, will comprise 396 residential units and serve as the cornerstone of a larger three-phase master plan that aims to deliver nearly 800 housing units to the area. Once completed, Madrone will be the largest mixed-housing community launched in Santa Rosa in over two decades.
The project, which was unanimously approved by city officials in November 2024, represents a significant milestone in regional planning. As part of the proposal, the City of Santa Rosa collaborated closely with Pacific Development to annex a former dairy farm—historically designated as a county island—into city boundaries to accommodate the new development.
“Santa Rosa is an exceptional, growing community that has so much to offer,” said Sean Murphy, Founding Partner at Pacific Development. “We’re proud to support that growth by delivering a community that serves as an extension of their existing success by enhancing the living experience for residents, while also fostering a greater sense of connection for the broader Santa Rosa community.”
Madrone is intended to provide much-needed housing in the region while contributing to long-term urban development goals. The project underscores a significant public-private partnership effort aimed at addressing housing demand and nurturing community vitality in Santa Rosa.
