Leon Capital Group has successfully secured $41.5 million in construction financing from Alerus Financing for their latest multifamily project located at 3340 E. Warner Road in Gilbert, Arizona. The new community will consist of 380 units and will be conveniently situated near the popular SanTan Village Mall.
In addition to this project, Leon has recently closed two other multifamily construction loans in different towns: a $58.5 million loan from ACORE CAPITAL for a development at 3000 Bearing Way in Morrisville, North Carolina and a $33.5 million loan from Broadway Bank for a development at Heritage Parkway and Miller Road in Mansfield, Texas.
According to David Cocanougher, President of Leon Multifamily: “We believe that the current market conditions provide an opportunity to secure lower construction costs and deliver into an environment with less competition.” He also emphasized the importance of executing these transactions quickly and efficiently while remaining committed to expanding their portfolio despite challenging market conditions.
Over the past two years alone, Leon Multifamily has initiated or completed nearly 2
