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 — to bring their latest multifamily and mixed-housing project to life in 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 zone
