Dinerstein JV Refis Phoenix-Area Property with $92M Loan
The community came online last year.
The Dinerstein Cos. and PCCP have refinanced Atlas Mesa, a 394-unit Class A garden-style multifamily community in Mesa, Ariz., with a $92.1 million loan. QuadReal Property Group provided the note.
JLL Capital Markets arranged the refinancing.
The JLL Capital Markets Debt Advisory Team representing the borrowers included Senior Managing Director Brad Miner, Managing Director Cameron Cureton, Director Drew Lydon and Analysts Justin Savoie, Andrew Pappas and Jack Kurschat. Brandon Bachner, vice president, U.S. Debt Investments, led the financing for QuadReal Property Group out of the firm’s Los Angeles office.
Inside Atlas Mesa
After unveiling plans for Atlas Mesa in February 2023, the developers broke ground on the project in July of that year. Dinerstein and PCCP had secured an $85.1 million construction loan for Atlas Mesa in December 2023 from Affinius Capital and Simmons Bank, according to Yardi Matrix.
Located on 9.8 acres at 5818 E. Baseline Road, the property has a mix of studios, one-, two- and three-bedroom units across four four-story buildings. The apartments range in size from 562 to 1,394 square feet, with an average of 991 square feet. Rents range from $1,620 to $2,477, with an average of $1,995, according to Yardi Matrix data.
Unit amenities include two-toned kitchen cabinets, quartz countertops, stainless steel appliances in select units, wood-style flooring, oversized bathtubs and tile showers. Other features include full-size washers and dryers, as well as indoor air quality systems.
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Amenities include a pool deck with spa and lounge seating, an outdoor sky deck and landscaped courtyards, private and group coworking spaces, an indoor/outdoor fitness center, barbecue grills and a resident social lounge.
Situated on the northwest corner of East Baseline Road and South Sunview, residents will be across the street from A.T. Still University and a short distance from the Banner Gateway Medical Center. The property is approximately 3 miles south of Route 60 and 25 miles from downtown Phoenix, offering residents access to major employment centers.
Major companies in the region include Amazon, Dexcom, Hadrian, AT&T, Boeing, Google and Northrop Grumman. The Phoenix region has seen more than 600 corporate expansions and 31 headquarters relocations since 2018.
More recent refinancing activity
In July, a joint venture between Dinerstein and PGIM refinanced Atlas Peakview, a 330-unit multifamily community in Centennial, Colo., a Denver submarket, with an $81 million loan from Mesa West Capital. Atlas Peakview was completed last year. The asset features studio, one-, two- and three-bedroom apartments along with two- and three-bedroom townhomes.
Earlier in the year, a Dinerstein joint venture with Merus obtained a $102.9 million loan for Aspire Midtown, a 277-unit luxury development in Nashville Tenn., from Heitman. The partners completed the property in 2025.
PCCP has also been actively refinancing other multifamily holdings this year. In July, a partnership comprising PCCP, Claremont Development and Stanbery Development Group received a $188 million note for District at 15Fifteen, a 498-unit mixed-use master-planned community in Parsippany, N.J., from Affinius Capital. The joint venture broke ground on the property in 2023.
