HGI Provides $64M Bridge Loan for Phoenix Luxury Apartments
The asset is located within a master-planned development in North Phoenix.
A joint venture between Greystar Development and Crown Realty Group has secured a $64 million senior bridge loan for Sunela, a newly-built 272-unit luxury multifamily property located in Phoenix. The financing, provided by affiliates of Harbor Group International, was closed during the community’s lease-up and stabilization period.
The loan marks HGI’s 102nd multifamily bridge loan since establishing its whole lending platform in late 2020. The Norfolk, Va.,-based real estate investment and management firm and its affiliates have an investment portfolio worth approximately $20 billion, which includes 57,000 apartments.
CIBC Bank USA had originated a $60.4 million construction loan for the property in August 2021, according to Yardi Matrix data.
Property details
Greystar broke ground on Sunela in January 2022 and began leasing in August of last year. The community is located at 20600 N. 55th St. within CityNorth, a nearly 100-acre master-planned, mixed-use district located in Desert Ridge, a fast-growing area in North Phoenix. Crown, based in Costa Mesa, Calif., is the project’s developer.
Sunela is a 230,222-square-foot, five-story building that has a mix of studio, one- and two-bedroom units ranging in size from 566 to 1,676 square feet with an average or 846 square feet, according to Yardi Matrix data. Rents range from $1,644 to $3,393 with an average of $2,199, the same source shows.
READ ALSO: Phoenix Multifamily Report – January 2025
Apartments include Smart Home technologies such as smart thermostats, keyless exterior entry and ButterflyMX, which provides residents with the ability to lock and unlock their home via an app. Other interior features include high ceilings, wide plank flooring, quartz countertops, stainless steel appliances, in-unit washers and dryers and oversized windows. Private balconies or patios are available in select units.
Community amenities at Sunela include a fitness center, clubhouse, café, pool deck, rooftop terrace, fire pits, business center, coworking spaces and outside storage. The property has a total of 462 parking spaces with covered parking available for an additional fee.
Proximity to jobs and more
Residents at Sunela have proximity to retail and entertainment options such as Desert Ridge Marketplace, located half a mile to the west. Nearby recreational offerings include Reach 11 Recreation and Cashman Park, which has a shaded playground, fitness course, ramadas with grills, basketball and volleyball courts and a multi-purpose field. The development, which has access to Loop 101 and Interstate 51, is about 25 minutes from downtown Phoenix, the West Valley and Scottsdale.
The property is also located near major employers including the Mayo Clinic Hospital, Arizona State University’s 26-acre medical campus and the corporate headquarters of Republic Services and Sprouts Farmers Market.
More Greystar projects
In April, a joint venture between Greystar and Griffin Capital broke ground on The Henry at Whitney Village, a 325-unit multifamily community in St. Petersburg, Fla. The development is slated for completion in March 2027. The property is 23 miles from downtown Tampa, Fla.
A month earlier, the company began construction on Old Ivy Residences, an multifamily apartment and single-family rental community located in Albemarle County, Va. The development will have 336 garden-style apartments and 189 detached homes and townhouses. The first units are expected to deliver in the second quarter of 2026.
