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IDM Companies secures $62.6m in financing for multi-housing development in Phoenix
Transactions - SEPTEMBER 7, 2023

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IDM Companies secures $62.6m in financing for multi-housing development in Phoenix

by Denise Moose

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 Free

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