CBRE Arranges Debt & Equity Financing for Proposed Mixed-Use Development in Rogers, Arkansas
The project will include both apartments and retail
October 26, 2023
CBRE has arranged debt and equity financing for Pinnacle Springs, a proposed mixed-use project in Rogers, Arkansas. The project will include 362 apartments and 91,000 sq. ft. of retail. It will be anchored by a 37,000-sq.-ft. Whole Foods Market.
Richard Henry, Mike Ryan, Brian Linnihan, and JP Cordeiro with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, Atlanta-based SJC Ventures, in the transaction. Arvest Bank provided uncrossed construction loans for the project, while Dome Equities provided both common and preferred equity investments in the multifamily component.
“SJC is a best-in-class developer, and we are proud to have represented them on this assignment,” said Mr. Henry, Senior Vice President with CBRE. “Given Northwest Arkansas’s rapid population growth fueled by high-paying corporate jobs, there is significant unmet demand from a young and affluent demographic for the walkable mixed-use environment this project will create.”
Pinnacle Springs will be located at 1800 S. Osage Springs Dr. in Rogers, Arkansas, part of the fast-growing region of Northwest Arkansas which is home to the corporate headquarters of multiple Fortune 500 employers. The project will be located less than six miles from downtown Bentonville and 22 miles from Fayetteville and the University of Arkansas. The site also offers great connectivity to major thoroughfares like Interstate 49. Developer SJC Ventures plans to break ground on the project by the end of the year, with an expected delivery date of 2025.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.