Phoenix Condo Development Receives Construction Loan
- Apr 03, 2017
Phoenix—Capital Fund 1 has secured a construction loan for The Residences at Oak, a condominium community located in Scottsdale, Ariz. The 47-unit project is nearing completion and has started sales, with 20 units still available for purchase. Located at 52nd Street and Oak Street, the property offers units ranging in size from 1,400 to 1,727 square feet.
“We liked this deal for several reasons. First the location is superior, the price point is excellent and we have an experienced developer. An added plus, is that the developer has skin in the game. All of this is an ideal combination,” Capital Fund 1’s CEO Michael Anderson said in prepared remarks.
Despite the popularity of condo community projects in the Phoenix/Scottsdale area, construction loans from traditional banks are hard to obtain. However, Capital Fund 1 has provided short-term financing for a variety of real estate investment purchases. For this project, the company has refinanced a previous construction loan, thus being able to get the developer’s loan draws completed in a more timely manner than the previous lender.
Image courtesy of Capital Fund 1