The Piñon at Cerrillos in New Mexico secures construction financing

DENVER, June 4, 2026 –  JLL Capital Markets announced today that it has secured construction financing for The Piñon at Cerrillos, a 194-unit Class A multifamily development project in Santa Fe, New Mexico.

JLL represented the borrower, Realty Capital Residential, in arranging the construction loan.

Located at 3471 Cerrillos Road, The Piñon at Cerrillos is at the midway point between the Santa Fe Airport and the historic Plaza and Downtown Santa Fe. Residents will have easy access to diverse dining options and entertainment venues in the developing Southside area, while nearby employment centers include several top-tier healthcare facilities, government offices, and the Los Alamos National Laboratory. Set against the stunning Sangre de Cristo Mountains, residents will enjoy a full four seasons of recreational activities, including golf, skiing, hiking, biking, etc. The development is located in a federally designated Opportunity Zone.

The Piñon at Cerrillos features five buildings consisting of studio, one- and-two-bedroom residences, with an average unit size of 761 square feet. Residences feature stainless steel appliances, quartz countertops, full size washer and dryer, walk-in closets, and spacious patios or balconies. The project showcases top-of-the-market community amenities, including a resort-style pool with tanning deck and hot tub area, poolside pavilion with BBQ grills, pet spa, 24-hour strength training and cardio fitness center,  yoga room, 24-hour resident lounge,co-working spaces, expansive clubhouse, and 24-hour emergency maintenance services.

The City of Santa Fe, voted the number one Best City in the U.S. by Travel + Leisure in 2025, continues to face a critical housing shortage as population growth, rising desirability and expanding employment have driven median home prices up 44 percent from 2019 to 2024. The market has demonstrated strong fundamentals with 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 second quarter 2020 and second quarter 2025.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Leon McBroom and Dustin Dulin and Associate Ellie Savage.

"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," said McBroom. "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."

Realty Capital Residential, founded in 2019, has over 950 units either under construction or under management with total value of approximately $450 million. The partnership with Northlake Development Group, which acquired the site in 2023, brings together extensive development expertise across multiple markets.

Construction is anticipated to commence in Summer 2026 with completion expected in 2028. RVC Construction will serve as general contractor. Cross Architects designed the project.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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Realty Capital Residential (RCR), a Dallas/Fort Worth-based development firm, was founded in 2019 to grow the multi-family division of Realty Capital. Since its formation, Realty Capital has developed nearly 200 projects in Texas, Colorado, and New Mexico, with assets totaling over $5 billion. RCR’s multi-family developments range from low and mid-rise suburban in-fill product to luxury high-rises. Alexander Brown serves as the President of Realty Capital Residential with Richard Myers, Jimmy Archie, and Tim Coltart serving as Managing Directors. For additional information, visit http://www.realtycapitalresidential.com.

Northlake Development Group is a family office real estate development firm focused on redefining modern living by crafting exceptional spaces that seamlessly blend lifestyle, luxury, and convenience. Rooted in the belief that where we live, work, and play shapes how we thrive, Northlake curates vibrant communities in prime locations. Each development is a harmonious interplay of indulgence and practicality – where luxury shopping, world-class dining, and serene natural retreats coexist with high-end construction and impeccable finishes. Our active projects in Florida and Santa Fe, NM, totaling over 650 units, are all strategically situated near major highways, private airport hangars, and essential services. Northlake properties ensure effortless access to every necessity. Northlake has developed the “Helios” brand to represent and showcase our commitment to creating a coveted lifestyle in prime locations.

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.