Pacific Development and its institutional investment partner PGIM Real Estate have secured a $97-million construction loan from Comerica Bank, California Bank & Trust and First Hawaiian Bank on a multifamily and mixed-housing project in Santa Rosa. The 396-unit apartment community, Madrone, will be the flagship of a three-phase master plan that will bring nearly 800 units 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. The City of Santa Rosa worked closely with Pacific Development to annex a former dairy farm, which was historically zoned as a county island, 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.”…