Pacific Development and PGIM Real Estate Land $97 Million Construction Loan for Landmark Mixed-Housing Project in Santa Rosa

Developers partnered with Comerica Bank, California Bank & Trust, and First Hawaiian Bank to Secure Construction Financing in a Deal Led by JLL Capital Markets

Today, Pacific Development – a prominent, west coast-focused real estate investment and development firm – and its institutional investment partner PGIM Real Estate, announced that they have secured a $97 million construction loan – from Comerica Bank, California Bank & Trust, and First Hawaiian Bank – to bring their latest multifamily and mixed-housing project to life in Santa Rosa, Calif.

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On-track to break ground later this week, Pacific Development's 396-unit apartment community, Madrone, will be the flagship of a three-phase master plan that will bring nearly 800 units – including for-sale single family homes, Class A for-rent apartments, and retail – to the community of Santa Rosa, Calif.

On-track to break ground later this week, the 396-unit apartment community, Madrone, will be the flagship of a three-phase master plan that will bring nearly 800 units – including for-sale single family homes, Class A for-rent apartments, and retail – to the community. The master plan, which was unanimously approved in November 2024 marks the largest mixed-housing project Santa Rosa has seen in more than 20 years, delivering much-needed housing in a historically undersupplied market.

Proactive in its approach to address the community’s housing needs, the City of Santa Rosa worked closely with Pacific Development to annex the former dairy farm – which was historically zoned as a county island within the city – into the city 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 by enhancing the living experience for residents, while also fostering a greater sense of connection for the broader Santa Rosa community with features like a community garden, a city transit bus stop, a Class 1 bicycle / pedestrian pathway, and more.”

“The housing crisis in California is one of utmost urgency, and we’re proud to be part of the solution by working closely with collaborative partners like Pacific Development, to address those needs in a meaningful way for our city, " said Gabe Osburn, Director of Planning and Economic Development at City of Santa Rosa. “Obtaining entitlements in a mere eight months after submitting formal applications is a testament to the strong partnership between Pacific Development and City staff. Looking ahead, we’re excited to continue that partnership by bringing this new, vibrant part into the cohesive community we’ve fostered here in Santa Rosa.”

The new development will follow a similar blueprint that the same team – Pacific Development, PGIM Real Estate, Comerica, and CB&T – has delivered in partnership with Bill Poland of Bay West Group in the past. The team recently opened Launch, a 368-unit luxury apartment community in Alameda, Calif. Since opening in mid-2023 the award-winning apartment community – which led Phase I of the Alameda Master Plan – has already attracted strong leasing demand with plans to break ground on Phase II of the Master Plan later this year.

The deal – which was led by JLL Capital Markets – is a particularly noteworthy vote of confidence given its successful close against today’s historically challenging macroeconomic backdrop, where $500 billion in U.S. commercial real estate loans are set to mature in 2025, and an estimated 14 percent of such loans are underwater.¹

“Securing this loan in today’s environment is a testament to the collective strength of our design, team, and collaborative relationship with Pacific Development and underscores these institutions’ longstanding commitment to building futureproof housing solutions,” said Rob Mason, Managing Director, Transactions at PGIM Real Estate.

"This transaction exemplifies the growing liquidity in the construction lending space to top tier sponsorship like Pacific Development and PGIM Real Estate,” said Charles Halladay, Executive Managing Director, JLL Capital Markets.

For more information on Pacific Development, visit www.pacificdevelopment.com.

ABOUT PACIFIC DEVELOPMENT

Pacific Development is a San Francisco Bay Area-based real estate investment and development firm specializing in multifamily, student housing, mixed-use, and master-planned communities. With an exclusive focus on the West Coast, the firm offers a deep understanding of market dynamics and a commitment to contributing to the vitality of the communities it serves.

Guided by the principle of Positive Evolution – a commitment to creating healthier, more sustainable, and accessible neighborhoods – the Pacific Development team engages deeply with local communities, collaborates with municipalities, and partners with top-tier architects and builders to deliver projects that enhance the urban fabric and stand the test of time. Visit www.pacificdevelopment.com and connect with us on LinkedIn.

ABOUT PGIM REAL ESTATE

PGIM Real Estate is the world’s third-largest real estate investment manager, with $210 billion in gross assets under management and administration,² and real estate professionals located in 30+ cities worldwide. Built on our belief that strong performance is fueled by dynamic expertise, our global network of on-the-ground specialists is dedicated to opportunity creation, optimization, and timely capital deployment amid shifting market conditions.

Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.

PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). For more information visit pgimrealestate.com.

ABOUT COMERICA BANK

Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on Aug. 17, 1849, in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 15 states and services 13 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $77.6 billion at March 31, 2025. Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, X, Instagram and LinkedIn.

ABOUT CALIFORNIA BANK & TRUST

Headquartered in San Diego, California Bank & Trust has been helping California families and businesses thrive for over 70 years. With local decision-making backed by regional strength, CB&T’s knowledgeable bankers provide personalized solutions that go beyond what traditional banks offer.

CB&T has earned consistent recognition, including being voted for:

• “Best Bank” by San Diego Union-Tribune readers for 14 consecutive years
• “Best Commercial Bank” for 11 years running
• “Best Bank” in The Orange County Register and Sacramento Bee readership polls

CB&T is a division of Zions Bancorporation, N.A. (NASDAQ: ZION) and has been recognized for its excellence in Middle-Market and Small Business banking by Coalition Greenwich Best Bank Awards.

ABOUT FIRST HAWAIIAN BANK

First Hawaiian bank has been headquartered in Honolulu since 1858 and has 48 branches throughout Hawaii, three in Guam, and one in Saipan. Its subsidiaries include First Hawaiian Leasing (commercial equipment and vehicle leasing) and Bishop Street Capital Management Inc. With over 2,100 employees, First Hawaiian Bank is one of the largest employers in the State of Hawaii.

ABOUT JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

¹ MSCI, Real Estate in Focus: 2025 Trends to Watch

²As of March 31, 2025. Net AUM is $136 billion and AUA is $47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250730898613/en/

“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..."