Leon Capital Group has secured a $33.5 million construction loan from Broadway Bank for their latest multifamily project, The Revel, located at Heritage Parkway and Miller Road in Mansfield, Texas. The total cost of the 396,000-square-foot development is estimated to be $46.5 million.
In addition to this project, Leon Capital Group has recently closed two other multifamily construction loans in different towns:
– A $58.5 million loan from ACORE CAPITAL for a multifamily development at 3000 Bearing Way in Morrisville, North Carolina.
– A $41.5 million loan from Alerus Financial for a multifamily development at 3340 E Warner Road in Gilbert, Arizona.
David Cocanougher , President of Leon Multifamily stated that they are taking advantage of the current market conditions by securing these loans quickly and efficiently before costs rise any further and new supply increases.
Despite challenging market conditions over the past two years , Leon Multifamily has successfully initiated or completed nearly 2
