Fain Signature Group receives $75m for multifamily property project in Prescott Valley, Ariz.

Fain Signature Group has plans to develop Legado Apartments, a multifamily property located in downtown Prescott Valley, Ariz.

Bellwether Enterprise Real Estate Capital (BWE) closed a $75 million U.S. Department of Housing and Urban Development 221(d)(4) loan for the construction of Legado Apartments.

“BWE is proud to have worked with Fain Signature Group to bring much-needed additional rental housing to the community,” said Jim Swanson, executive vice president in BWE’s Phoenix office. BWE originated the loan through HUD’s 221(d)(4) Mortgage Insurance Program on behalf of the developer. “Despite some recent apartment growth, Prescott Valley is still one of the most underserved communities in Arizona. The new community, located in the heart of Prescott Valley’s Town Center, will contribute to the economic and employment growth of the region as a whole.”

Legado Apartments is a 329-unit luxury multifamily, mid-rise apartment property consisting of on