715-Unit Multifamily Development Receives $92.75M Loan

By Anuradha Kher, Online News EditorAvondale, Ariz.–HFF (Holliday Fenoglio Fowler LP) has arranged a construction loan and joint venture equity totaling $92.75 million for a 715-unit multifamily development in Avondale, Ariz.The project will be developed by Fore Property Co. and is expected to be completed by 2010. It will consist of two phases: Mirabella Village and Mirabella Gardens. The Mirabella Village will have 369 units including one-, two- and three-bedroom, and loft layouts ranging from 739-sq-.f.t. to 1,040-sq.-ft. Mirabella Gardens will have 346 units in the same floor plans as Mirabella Village plus 55 two- and three-story town home units ranging in size from 1,722 square feet to 1,907 square feet. The 33.7-acre site is located on the corner of West Indian School and El Mirage Road north of the Interstate 10 Freeway and close to the Luke Air Force Base, Universal Technical Institute and downtown Phoenix.“Mirabella should see a great deal of success given that it is located in the growing residential suburb of Avondale,” says Mark Erland, director of HFF.Amenities include two clubhouses, four swimming pools, fitness center, theatre, sauna, tanning beds, playground and business center.HFF arranged a $74.2 million, four-year fixed-rate construction loan through a life insurance company and an institutional equity partner provided $16.695 million in joint venture equity for the project.