Starpoint Properties receives $52m construction loan for greater Phoenix multifamily development
Starpoint Properties announced it had received a $52 million senior loan facility for the construction of Lotus Point Apartments, a 245-unit multifamily property located in Mesa, Ariz., within the Phoenix Metropolitan Statistical Area. Stonehill’s commercial real estate group, Stonehill CRE, provided the loan.
The loan will facilitate construction of a four-story multifamily building, estimated to be completed in the first quarter of 2025. The six-acre site, located adjacent to grocery-anchored retail and within walking distance to the metro light rail, will offer studio, one-bedroom and two-bedroom units with premium amenities that include a fitness center, clubhouse, co-working area, pool with spa and open and covered parking options.
"This investment mirrors the precise kind of strategy we actively seek — a great property with a sophisticated sponsor in a high-growth market," said Taylor Pike, senior vice president, Stonehill CRE. "Phoenix remains one of the nat