Fain Signature Group Secures $75M Loan for Arizona Project
Bellwether originated the financing provided by the U.S. Department of Housing and Urban Development.
Legado Apartments. Image courtesy of Todd + Associates
Fain Signature Group has landed a nearly $75 million loan that will be used to support the construction of its 329-unit luxury community in Prescott Valley, Ariz. Bellwether Enterprise Real Estate Capital’s Jim Swanson originated the loan, which was provided by the U.S. Department of Housing and Urban Development and its 221(d)(4) Mortgage Insurance Program. The non-recourse, fully assumable loan has a 40-year, fully amortizing loan term.
The gated mid-rise community, Legado Apartments, will have one-, two- and three-bedroom units that will be built with washer and dryers, and patios or balconies. Fain Signature Group is planning to include a parking garage, resident clubhouse, fitness center, picnic area, dog run and electric vehicle charging stations as the community’s amenities. Legado Apartments’ rooftop will be home to a 5,000-square-foot restaurant that’s open to the public, while its first and sixth floors will have additional restaurant and retail space. Fain Signature Group is expecting the luxury community to earn an Energy Star certification when it completes construction.
Located at the corner of Florentine Road and Main Street in Prescott Valley, Legado Apartments is across the street from several shopping centers and has nearby access to State Route 69. The community is located within downtown Prescott Valley and is about 90 miles north of Phoenix.
More Construction in Central Arizona
Fain Signature Group has already broken ground on the multifamily project, which is expected to open to residents in 2024. The developer tapped Pono Construction as the project’s general contractor and PB Bell to handle the community’s leasing and day-to-day operations.
Besides Legado Apartments, Fain Signature Group is working on a 192-unit community in Cottonwood, Ariz., that’s about an hour drive away. The developer told Multi-Housing News it entered the project after the initial investment group ran into challenges with getting the development launched. Now, Fair Signature Group broke ground on Inspiration in December and is expecting to have initial occupancy by March 2023. The company also tapped Pono Construction to be the general contractor for Inspiration.
