Visiquest Properties Lands Financing for Phoenix-Area Development

Paragon Mortgage Corp. arranged the HUD loan for the 96-unit project in Glendale, Ariz.
59 Evergreen. Image courtesy of Paragon Mortgage Corp.

Visiquest Properties has received an $18.6 million construction loan for the development of a 96-unit multifamily project in Glendale, Ariz.

The new financing for 59 Evergreen Apartments was arranged by Paragon Mortgage Corp. through the U.S. Department of Housing and Urban Development’s 221(d)(4) Mortgage Insurance Program.

The loan has a 3.2 percent interest rate across a 40-year term with a 40-year amortization period. The new financing is fully amortizing, non-recourse and fully assumable.

The developer acquired the land—70 vacant lots later consolidated into one—in 2018, while construction started on the project at the end of May of this year. The project will be built to meet National Green Building Standard Bronze.

The 59 Evergreen Apartments will be located at 8450 N. 59th Ave. offering 96 apartments. The seven buildings, located across the 6.5-acre site, will offer one-, two- and three-bedroom units with various floorplans. The two-story garden apartment property will offer a resident center, swimming pool, shaded tot lot, zen garden, yoga park and pet park.

The community is approximately 1.5 miles north of historic downtown Glendale, and less than 11 miles from downtown Phoenix. Residents can easily access Loop 101 and Interstate 17, both roughly 5 miles from 59 Evergreen Apartments.

Earlier this month, Phoenix was named sixth in a list of the top 10 markets for construction activity. Last year the metro gained more than 100,000 residents, a growth representing 2.1 percent year-over-year.