3650 REIT has funded a $27.5 for the development of a 252-unit attainable multifamily project in Phoenix, Ariz.
3650 REIT, a relationship lender providing tailored fixed-rate bridge and long-term financing solutions to commercial real estate investors, has funded a $27.5 million senior construction loan to Greenlight Communities for the development of a 252-unit attainable multifamily project in Phoenix, Ariz.
Located at 4235 N. 12th Street within the fundamentally strong downtown submarket, the multifamily project will be one of the area's first new developments to offer attainable rents. The new development will feature an innovative, modern design with a focus on in-demand amenities including on-site management, gated parking, parcel storage, a pool and a fitness area. The project is being engineered to maximize efficiencies in design and construction, and should benefit from its proximity to major employment centers and transportation corridors.
"This loan aligns with our strategy of providing short-term, fixed-rate capital to high-quality sponsors with strong projects in markets that we believe exhibit compelling growth prospects," said Jonathan Roth, co-founder and managing partner of 3650 REIT. "We are pleased to provide the financing for this innovative development, which will contribute towards addressing the affordability gap in rental housing in the Phoenix market."
"The team at 3650 REIT brought a wealth of experience to the underwriting of this loan," said Pat Watts, partner of Greenlight Communities. "They understand our business plan and provided us with a highly-attractive financing solution that will help bring this much-needed project to completion."
The Phoenix metropolitan area is an emerging technology hub that features a diverse and well-educated population. According to CBRE data, Greater Phoenix is home to more than 83,000 high-tech employees with metro employment growing 33.5 percent over a five-year period. Moreover, the area's labor pipeline is supported by a collection of major universities and college systems including Arizona State University, which U.S. News and World Report named the most innovative university in the nation for three consecutive years.
Churchill Commercial Capital, a commercial mortgage banking company in Phoenix, was responsible for arranging the financing.
For more information, visit www.3650REIT.com.