JLL Secures Construction Financing for 194-Unit Class A Multifamily Development in Santa Fe

JLL has arranged construction financing for The Piñon at Cerrillos, a 194-unit Class A multifamily development located at 3471 Cerrillos Road in Santa Fe, New Mexico, the firm announced June 4. JLL represented the borrower, Realty Capital, in securing the construction loan for the project, which is situated in a federally designated Opportunity Zone.

Project Details

The Piñon at Cerrillos will comprise five buildings offering studio, one- and two-bedroom residences with an average unit size of 761 square feet. Unit interiors will feature stainless steel appliances, quartz countertops, full-size washer and dryer, walk-in closets, and spacious patios or balconies.

Community amenities are slated to include a resort-style pool with tanning deck and hot tub area, a poolside pavilion with BBQ grills, a pet spa, a 24-hour strength training and cardio fitness center, a yoga room, a 24-hour resident lounge, co-working spaces, an expansive clubhouse, and 24-hour emergency maintenance services.

The project is positioned at the midpoint between the Santa Fe Airport and the historic Plaza and Downtown Santa Fe, within the developing Southside area. Nearby employment centers include healthcare facilities, government offices, and Los Alamos National Laboratory. RVC Construction will serve as general contractor, and Cross Architects designed the project. Construction is anticipated to commence in Summer 2026, with completion expected in 2028.

Financing and Advisory Team

JLL Capital Markets' Debt Advisory team led the financing effort on behalf of Realty Capital Residential. The team was led by Senior Managing Directors Leon McBroom and Dustin Dulin, and Associate Ellie Savage. The loan amount was not disclosed.

"The successful arrangement of construction financing for The Piñon at Cerrillos underscores the continued demand for well-located, Class A multifamily housing in Santa Fe," McBroom said in a statement. "This project's strategic location, exceptional amenities and experienced sponsorship position it to capture demand in a supply-constrained market where quality product remains sought after."

JLL Capital Markets describes itself as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists worldwide and offices in nearly 50 countries. Its services include investment sales and advisory, debt advisory, loan sales, equity and fund placement, and net lease advisory, among others.

Santa Fe Multifamily Market Fundamentals

Median home prices in Santa Fe rose 44 percent between 2019 and 2024, according to the announcement. The market recorded annual net absorption of 540 units, ahead of the five-year average of 300 units, and average rent growth of 4.8 percent year-over-year between the second quarter of 2020 and the second quarter of 2025.

Santa Fe was voted the number one Best City in the U.S. by Travel + Leisure in 2025. The city's employment base spans healthcare, government, and research sectors, with Los Alamos National Laboratory representing a significant regional employer.

Sponsorship Background

Realty Capital Residential, a Dallas/Fort Worth-based development firm founded in 2019, has more than 950 units either under construction or under management, with a total value of approximately $450 million. The firm's multifamily portfolio spans Texas, Colorado, and New Mexico, ranging from low- and mid-rise suburban infill product to luxury high-rises.

Northlake Development Group, a family office real estate development firm, acquired the Cerrillos Road site in 2023. The firm currently has active projects in Florida and Santa Fe totaling more than 650 units. The partnership between Realty Capital Residential and Northlake Development Group brings together development experience across multiple markets for the Santa Fe project.

Parent company Realty Capital has developed nearly 200 projects in Texas, Colorado, and New Mexico, with assets totaling over $5 billion, according to the announcement.

Sources: JLL Newsroom, June 4, 2026