Leon Multifamily Secures $134 Million for Three Development Projects

Leon Multifamily, a subsidiary of Leon Capital Group, announced that it has secured $134 million in construction financing in 30 days for three multifamily development projects representing 842 total units in the Raleigh-Durham, Phoenix, and Dallas-Fort Worth areas.

“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.

Leon Capital Group’s portfolio – which has overseen almost $10 billion in private capital since inception – spans real estate, healthcare, financial services, and technology, with investments across multiple geographies and sectors.

The latest financing for Leon Multifamily, which was secured from a combination of regional banks and non-bank financial institutions, includes:

• ACORE CAPITAL provided $58.5 million for a multifamily development in Morrisville, N.C.;
• Alerus Financial provided $41.5 million for a multifamily development in Gilbert, Ariz.; and
• Broadway Bank provided $33.5 million for a multifamily development in Mansfield, Texas.

Despite economic headwinds such as high interest rates, inflation, and escalating construction costs, Leon Multifamily said it is advancing confidently. Over the past two years, Leon Multifamily has initiated or completed nearly 2,300 units across seven developments.

“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,” said Cocanougher.

Since inception, Leon Multifamily has 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.”

Click here to visit The DI Wire directory page.