**Pacific Development and PGIM Real Estate Secure $97M Financing for Santa Rosa Mixed-Use Project**
Pacific Development, in partnership with institutional investment firm PGIM Real Estate, has secured a $97 million construction loan for a major multifamily and mixed-use project in Santa Rosa, California. The financing was arranged through Comerica Bank, California Bank & Trust, and First Hawaiian Bank.
The development, named Madrone, will consist of 396 residential units and serve as the flagship for a broader three-phase master plan. Once complete, the full project will add nearly 800 housing units to the local community, marking the largest mixed-housing initiative the city has seen in over two decades.
Approved unanimously in November 2024, the project represents a significant milestone for Santa Rosa. The city collaborated with Pacific Development to annex the former dairy farm site—previously designated as a county island—into municipal jurisdiction in late 2024.
“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, enhancing the living experience for residents while fostering a greater sense of connection for the broader Santa Rosa community.”
Financing for the Madrone development was arranged by JLL Capital Markets.
This ambitious initiative underscores the city’s commitment to meeting regional housing needs while fostering sustainable and inclusive community growth.
