A joint venture between Greystar Development and Crown Realty Group secured a $64 million senior loan for Sunela, a newly built multifamily property in Phoenix.
Affiliates of Harbor Group International (HGI), a privately owned international real estate investment and management firm, provided the loan.
The property is located within the Desert Ridge neighborhood of Phoenix. With only seven completed multifamily assets located within Desert Ridge, Sunela's development will support the growing need for high-end rental product in the area.
Sunela features 272 units, a mix of studio, one- and two-bedroom units, with 230,222 rentable square feet. Community amenities include a fitness center, clubhouse café, pool deck, co-working spaces and fire pits. Residents enjoy proximity to retail and entertainment options, which provide an all-encompassing live-work-play lifestyle.
