IDM Cos. Lands $49M for Phoenix Development
- Mar 12, 2020
IDM Cos. has received a $49.2 million loan for the construction of Acero Algodon, a 458-unit multifamily development in the West Valley submarket of Phoenix. PCCP LLC provided the senior financing, with Landmark Real Estate arranging the transaction. In May, PCCP also provided IDM with $54.2 million for the development of two communities in the metro.
The developer plans to break ground on the project soon. Located within Algodon Center, a 1,200-acre, master-planned business campus alongside the 101 Loop, Acero Algodon is the park’s only approved multifamily development. IDM plans to break ground on the project soon, with delivery slated to occur in phases. Plans call for the first phase to delivery in mid-2021, with total build-out complete by the middle of 2022.
Located on North 91st Avenue between West Osborn Road and Thomas Road, the property will have 24 three-story buildings, with a mix of one- to three-bedroom floorplans averaging 970 square feet. Planned community amenities include two swimming pools, a fitness center, a business center, a game room and a dog park, all accessible through keycard access.
The 20.5-acre development site is 14 miles northwest of downtown Phoenix, 2 miles north of Interstate 10. Algodon Retail Center and Banner Estrella Medical Center are both less than 1 mile south of the property.
David Kidder, Adam Deermount, Steve Sims and John Meek led the Landmark Real Estate team involved in securing the financing. The same team had also arranged the financing package for the IDM’s other developments last year.