IDM Companies secures $62.6m in financing for multi-housing development in Phoenix
IDM Companies announced that it has secured $62.625 million in construction financing for Meritum Sonoran Desert, a 348-unit, garden-style multi-housing development in Phoenix.
JLL worked on behalf of the borrower to secure the loan through a life company. The project is IDM’s second multi-housing development in the North Phoenix area.
With an anticipated completion in 2025, the 13-building Meritum Sonoran Desert will include one-, two- and three-bedroom units with an average size of 1,048 square feet. The project will feature a free-standing clubhouse with a resident living room and kitchen, state-of-the-art exercise facility, package lockers, covered patio, a dog park, fire pits, and two resort-style pools.
Situated at the northwest corner of Sonoran Desert Drive and 29th Avenue, the project is located less than three miles from the new $40 billion Taiwan Semiconductor manufacturing facility. It is positioned at the southeast corner of the Interstate 17 Freeway Interchange, which allows future residents immediate proximity and access to primary employment corridors. Additionally, the community will be within 10 minutes of regional retail developments, including the Shops @ Norterra, Happy Valley Towne Center, Tramanto Marketplace and multiple Fry’s-anchored shopping centers.