Greenlight Communities Lands $23M for Phoenix Project
- Jun 10, 2020
Greenlight Communities has received a $22.9 million construction loan for the development of Cabana on 99th, a 286-unit community project in Glendale, Ariz. Western Alliance Bank provided the mortgage, according to public records. JLL Capital Markets assisted the borrower and secured a joint venture equity partnership with Bridge Investment Group.
Located on 10 acres at 10000 W. Missouri Ave., the property has a projected completion date in 2021. The amenity package will feature a pool, a common area serving as co-working space, and outdoor barbecue stations. The property is close to a wide variety of shopping and dining options along West Camelback Road and some 17 miles from downtown Phoenix.
In January, the developer acquired the site for $3.5 million from a private investor in an all-cash transaction, Maricopa County records show. The new development will provide one- and two-bedroom apartments of attainable workforce housing. Last month, Greenlight delivered two other Cabana-branded communities, providing 478 units of attainable housing in Phoenix.
The JLL brokerage team that secured the funds included Senior Director Brad Miner, Managing Director Bryan Clark and Analyst Daniel Pinkus.