DEAL OF THE DAY: HFF Secures $27.75M Construction-Perm Loan for Class A Multifamily Development

Phoenix–HFF (Holliday Fenoglio Fowler, L.P.) has secured a $27.75 million construction-perm loan for Central & Bell, a 228-unit multifamily development at the northeast corner of Central Avenue and Bell Road in northern Phoenix. The loan to the developers Greystone Group and WestStone Communities includes six years of interest-only payments.When it is completed in 2009, Central & Bell, a Class A property, will have eight buildings across 10 acres of land with one- and two-bedroom units averaging 804 sq. ft. each. Some units will have detached garages with additional parking in carports and surface spots, and community amenities will include a clubhouse and outdoor swimming pool. “Strong job and population growth, as well as elevated home prices, continue to fuel the Phoenix apartment market,” says Timothy D Wright, HFF senior managing director.