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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