Leon Multifamily Secures Financing for Three Multifamily Projects

Leon Multifamily, a subsidiary of Leon Capital Group, today announced that it has secured $134 million in construction financing in 30 days for three multifamily development projects representing 842 total units. The financing, which was secured from a combination of regional banks and non-bank financial institutions, includes:

• $58.5 million from ACORE CAPITAL for a multifamily development at 3000 Bearing Way, Morrisville, NC 27560.
• $41.5 million from Alerus Financial for a multifamily development at 3340 E. Warner Road, Gilbert, AZ 85296.
• $33.5 million from Broadway Bank for a multifamily development at Heritage Parkway and Miller Road, Mansfield, TX 75219.

“We are proud of our team’s ability not only to successfully finance these projects, but also to do so on an impressive timeline. While many real estate investors are adopting a cautious approach through 2025, we are embracing our proactive and contrarian strategy,” said David Cocanougher, President of Leon Multifamily. “We believe the window to realize lower construction costs and deliver into a lower new supply environment is quickly closing, making our ability to execute these transactions with speed and certainty all the more important. We remain committed to strategically growing our portfolio despite these tough market conditions.”

Despite economic headwinds such as high interest rates, inflation, and escalating construction costs, Leon Multifamily is advancing confidently. Over the past two years, Leon Multifamily has initiated or completed nearly 2,300 units across seven developments. Since inception, it has strategically financed, developed, and sold more than 12,000 units.

“Every developer is facing similar challenges, but value is created by skillfully navigating tough times,” says Blake Schroeder, Executive Managing Director of Leon Multifamily.

“By building now – at more competitive costs – and delivering into a tighter supply environment, we are positioning Leon Multifamily for future rent growth, while distinguishing our business as one of the few players adding new supply to the market.”

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