Blue Vista JV Lands $30M Loan for Phoenix BTR Project
JLL arranged the construction loan for the 153-unit property through Old National Bank.
A partnership between Blue Vista Capital Management and Family Development has secured $30 million in construction financing for Villas Litchfield Park, a 153-unit, build-to-rent project in Phoenix. JLL Capital Markets arranged the three-and-a-half-year loan funded by Old National Bank.
Once completed, the community is set to span 13 acres and encompass one- and two-bedroom single-story units, equipped with open kitchens with quartz countertops, stainless steel appliances, as well as in-unit laundry facilities and backyards. Community amenities are slated to include gardens with citrus trees, a swimming pool and spa, a fitness center, an outdoor barbecue area and open turf spaces.
Located on Camelback Road, east of Dysart Road, the development will be within six miles of Interstate 10, connecting it to downtown Phoenix. Camelback Crossing Shopping Center will be within a mile of the upcoming property, offering convenient access to numerous retail, dining and entertainment options.
Senior Director Brian Walsh, Senior Managing Director Brad Miner and Analyst Dave Hunter were part of JLL’s Capital Markets team that represented the joint venture.
Family Development has been very busy in the Phoenix area. The company is also planning the development of Villas Goodyear, another 151-unit BTR project in Goodyear, Ariz., featuring the same unit styles and amenities. Additionally, the company broke ground last month on Town Germann, a 209-unit single-family rental project in Gilbert, Ariz., scheduled for completion at the beginning of 2023.