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McBride Cohen, Cantor Fitzgerald and Silverstein Properties close construction financing for waterfront multifamily development in Arizona
Affiliates of The McBride Cohen Company, Cantor Fitzgerald and Silverstein Properties have closed $223 million in construction financing for the first phase of South Pier at Tempe Town Lake in Arizona. The financing was secured from Banco Inbursa and Pearlmark.
The project, which includes three residential high-rise towers with 724 rental units and 26,000 square feet of retail space on 3.3 acres, represents the first phase of a comprehensive master-planned development on Tempe Town Lake. Adjacent to the main campus of Arizona State University, the project is being designed to be the future of waterfront living in the Phoenix Valley.
The project is within Tempe’s office market, surrounded by the larger Novus Innovation Corridor, a planned 330-acre mixed-use urban master plan being developed by ASU, and walkable to an abundance of entertainment and recreational options, including the Mill Road entertainment district.
Construction on the site began in January 202