Cushman & Wakefield secures $ 62 million construction loan for new 336-unit multi-family community in Arizona
GLENDALE, Arizona – (BUSINESS WIRE) – Cushman & Wakefield (NYSE: CWK) announced that the company has arranged the $ 62 million construction financing for Bungalows on Cotton Lane, a new built-to-let community of 336 one-story units located on 35 acres in Glendale, Arizona. The loan was made to Cavan Companies (“Cavan”), the promoter, and was created by ACRES Capital.
Jeremy Korer and Kristian Brown of Equity Group, Debt & Structured Finance Group of Cushman & Wakefield in Phoenix represented the developer in the transaction.
The Bungalows on Cotton Lane will provide a wonderful Class A horizontal rental opportunity for residents of the Metropolitan Market of Glendale and Phoenix looking for a modern freestanding home with all the perks found in a more luxurious multi-family environment. , as well as a maintenance-free life, ”said Korer, senior manager. “The community is a unique and flexible housing product that responds to the demand of new rental market trends – with higher rent and better retention.”
Korer, who has already completed nine financial transactions in the build-to-lease space in the Phoenix market, added, “The trend of build-to-lease is a relatively new type of product, but one that has exploded in recent years. . We are seeing growing demand from tenants as well as investors, developers and lenders who want to enter this space in Phoenix as well as other parts of the country. One of the attractions has been that they give residents the feeling of a single family home.
Bungalows on Cotton Lane will consist of 336 single-storey units comprising of one, two and three bedroom units with a gated entrance and over 850 parking spaces.
The site is located in a newly emerging area dominated by the construction of several large industrial and distribution parks and offers excellent access and exposure from Loop 303, a key route providing access to Highways 10 and 17. location is also close to great jobs, retail and entertainment centers.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services company that delivers exceptional value to occupants and owners of real estate. Cushman & Wakefield is one of the world’s largest real estate services companies with approximately 50,000 employees in more than 400 offices and 60 countries. In 2020, the company had $ 7.8 billion in revenue from core property management, facilities and projects, leasing, capital markets, appraisal and development services. ‘other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.