DEAL OF THE DAY: HFF Provides $24.7M Loan to Greystone Group

By Anuradha Kher, Online News EditorPhoenix–The San Diego office of HFF (Holliday Fenoglio Fowler L.P.) recently arranged a $24.7 million construction loan for West Town Court, a 274-unit multifamily development in Phoenix.Real estate development, management and construction services firm, The Greystone Group headquartered in Newport Beach, Calif., received the 36-month, adjustable-rate loan with U.S. Bank. Aries Capital was the co-broker for the transaction.  Estimated for completion in the fourth quarter 2009, West Town Court will have 22 buildings with one-, two- and three-bedroom units averaging 846 sq. ft. Parking will be available in attached and detached garages as well as surface spaces. The property is situated on 18 acres at the northwest corner of Virginia and 83rd Avenues close to the 101 loop and the Interstate 10 Freeway in Phoenix’s West Valley.“The West Valley area of Phoenix has experienced explosive population growth over the past 10 years and it continues to have solid job and population growth fueling a maturing economic-base,” says Aldon Cole, HFF director. “These factors, combined with West Town Court’s close proximity to the recently completed 101 loop, made this project compelling. With home ownership on the decline and very little new starts of multifamily construction, we feel that there is a broadening of the rental pool and demand should continue to increase for quality properties such as West Town Court.”