Close to US$ 56M in equity has been secured for the development of Governor and Arrowhead by Moderne projects in Arizona. Arranged by Berkadia, the equity fund was offered by Pacific Western Bank in favor of Moderne.
Moderne, a fully-integrated real estate alternative investment manager, is carrying out the projects in partnership with BCDC. Berkadia, a leader in the commercial real estate industry, also arranged the Moderne and BCDC partnership.
The Governor by Moderne
The Governor by Moderne is a 176 units development coming up at 1717 E. McDowell Road. Averaging 739 square feet in size, the project’s units will come in studio, one, and two-bedroom varieties. The common areas will have 234 parking spaces, a fitness center, controlled entry, and 2,400 square feet of retail space.
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The development site served as the first governor of the state’s private mansion. It is located in the Miracle Mile neighborhood, adjacent to Interstate 10 and Banner Health, a significant local employer. Moreover, the Governor by Moderne is approximately 3.3 miles from Phoenix Sky Harbor Airport and 2.6 miles from downtown Phoenix.
The construction of the Governor by Moderne started at the beginning of August. June 2024 is the projected date of completion.
Arrowhead by Moderne
The address of Arrowhead by Moderne is 15431 N. 67th Ave. in Glendale, Arizona. 182 units including a studio, one, and two bedrooms will form part of the project. Additionally, a one-bedroom and one-bath carriage house apartments will also be included in the 12-building, two-story complex.
According to Yardi Matrix, the Arrowhead by Moderne common areas will have a clubhouse, a pool, covered parking spaces, and an on-site leasing office. The project will be situated 6.9 miles from Glendale’s historic downtown. Particularly, the site will be at the intersection of West Greenway Road and North 67th Avenue. This is adjacent to retail establishments such as Walmart and Lowe’s.
Construction of Arrowhead by Moderne is expected to start in the middle of September 2022 and be completed in April 2024.
