2 Phoenix-Area Developments Secure $54M Financing
- May 06, 2019
IDM Cos. has secured $54.2 million for the development of two new multifamily communities in the Phoenix area. PCCP LLC provided the two senior loans. The projects will be IDM Estrella Parkway in Goodyear, Ariz., and IDM Cooley Station in Gilbert, Ariz.
“PCCP was attracted to the borrower’s successful track record, moderate leverage request, and strong market fundamentals,” Michael Johnson, PCCP’s senior vice president, told Multi-Housing News.
Additionally, the company was attracted to the areas that these projects were being built, calling them smart, strategic locations near job centers in one of the U.S.’ top markets for jobs and population growth.
“Phoenix has job and population growth that are among the highest rates in the country,” Johnson said. “New single-family housing is well below historical levels. This combination is leading to strong multifamily performance.”
The IDM Estrella Parkway project will receive $34.1 million in senior loan financing. The Class A, garden-style community will offer 352 one-, two- and three-bedroom units across 15 buildings. IDM Cos. acquired the land for the project—14.72 acres near the southeast corner of Fillmore Street and Estrella Parkway—for $3.8 million late last year from Evergreen Devco.
The property will be situated within the Estrella Commons master plan and is adjacent to a planned retail center that will include an Aldi grocery store, AMC movie theater, Starbucks and two hotels.
The Class A IDM Cooley Station project will receive $20.1 million in financing. The garden-style community will offer 182 one- and two-bedroom units spread out in 14 buildings. The property is located within the Cooley Station master plan, on the intersection of East Vest Avenue and South Recker Road. IDM Cooley Station will sit just two miles south of an entrance to the Loop 202 freeway which connects easily to downtown Phoenix.
The financing for both projects was facilitated by Landmark Capital Advisors’ team of Dave Kidder, Adam Deermount, Steve Sims and John Meek.
In April, PCCP provided Sunroad Enterprises with $145 million in construction financing for Centrum Apartments Phase 6, the final phase of its 442-unit residential community in San Diego.