Leon Capital Group has successfully secured $58 million in construction financing for its new multifamily development in Morrisville, consisting of 303 units. The lender for the project, located at 3000 Bearing Way in the Raleigh/Durham area, was ACORE Capital.
According to David Cocanougher, President of Leon Multifamily, this financing comes at a crucial time as they aim to take advantage of lower construction costs and a decrease in new supply. He emphasized the importance of executing these transactions quickly and with certainty despite challenging market conditions. Despite these challenges, Leon remains committed to strategically growing their portfolio.
In addition to this recent funding success for their Morrisville project, Leon has also closed on two other significant construction loans: $41.5 million from Alerus Financial for a development located at 3340 E Warner Road in Gilbert AZ; and $33.5 million from Broadway Bank for another multifamily development situated at Heritage Parkway and Miller Road in Mansfield TX.
Over the past two years alone, Leon has initiated or completed nearly 2
