US$62 million has been secured for a new 336 unit, single story, rental multifamily community in Glendale, Arizona. Cushman and Wakefield announced the firm has arranged th construction financing for Bungalows on Cotton Lane provided to Cavan Companies, the developer, and was originated by ACRES Capital. Jeremy Korer and Kristian Brown with Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix represented the developer in the transaction. The site is located in a newly emerging area dominated by the construction of several major industrial and distribution parks and offers excellent access and exposure from the 303 loop, a key route providing access to Interstates 10 and 17. The location is also near major employment, retail and entertainment centers.
Also Read: Brooklyn Bedding to construct US$72 Mn into new factory, Arizona
“Bungalows on Cotton Lane will provide a wonderful Class A horizontal rental opportunity for residents of Glendale and Phoenix Metro market seeking a modern stand-alone home with all the amenity perks found in a more luxury multifamily environment, along with maintenance-free living,” said Korer, Senior Director. “The community is a unique and flexible housing product that meets the demand of new rental market trends; boasting higher rent and higher retention.” Korer has also already closed nine finance transactions in the built-to-rent space in the Phoenix market. He sited that the ” built-to-rent trend is a fairly new product type but that has exploded the past few years. We are seeing increasing demand from renters as well as investors, developers and lenders wanting to get into this space in Phoenix as well as other parts of the country. One of the draws has been they provide residents with the feel of a single-family home.”
The company has also recently announced that the commercial real estate services firm has arranged the sale of Lullwater at Blair Stone, a 244-unit apartment community located in Tallahassee, Florida
