GreenLake funds $100.6m construction loan in Phoenix
GreenLake Asset Management announced that it has funded a $100.6 million construction loan for a 276-unit multifamily project in Phoenix.
The community will consist of one-, two- and three-bedroom units, featuring high ceilings, modern amenities, private outdoor areas and attached parking. The project will be constructed in two phases: Phase I will be 94 townhome units, a clubhouse and leasing office; and Phase II will add an additional 182 townhome units. GreenLake closed a $41.3 million loan in March of this year for Phase I and recently closed a $59.3 million loan for Phase II. Structuring this in two phases allowed the borrower to begin Phase I while finalizing details for Phase II, with a target completion for the overall project of summer 2024.
Located on a former golf course in North-Central Phoenix, this built-to-rent residential development is unique in the developer’s ability to secure such an unusual parcel and is poised to thrive in this fast-growing mark