GreenLake Funds $100,600,000 Construction Loan in Phoenix, AZ

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Oct 25, 2023, 08:54 ET

PHOENIX, Oct. 25, 2023 /PRNewswire/ -- Los Angeles based GreenLake Asset Management LLC ("GreenLake") has funded a $100,600,000 construction loan for a 276-unit multifamily project in Phoenix, AZ.

The community will consist of one, two and three-bedroom units, featuring high ceilings, modern amenities, private outdoor areas and attached parking. The project will be constructed in two phases: Phase I will be 94 townhome units, a clubhouse and leasing office, and Phase II will add an additional 182 townhome units. GreenLake closed a $41.3 million loan in March of this year for Phase I and recently closed a $59.3 million loan for Phase II. Structuring this in two phases allowed the borrower to begin Phase I while finalizing details for Phase II, with a target completion for the overall project of summer 2024.

Phoenix has experienced over five times the population growth compared to the national average since the COVID outbreak. The supply of new housing has not kept pace with demand and land available for infill development in the region remains scarce. Located on a former golf course in North-Central Phoenix, this built-to-rent residential development is unique in the developer's ability to secure such an unusual parcel and is poised to thrive in this fast-growing market.

Peter Chang, Managing Principal at GreenLake stated, "The region has consistently ranked among the top markets for home price escalation in recent years, resulting in many potential homeowners opting to remain in the rental market. Additionally, high interest rates continue to drive home ownership out of reach for many potential buyers and we anticipate this trend toward renting to continue. We are confident that the developer will create a first-rate community, and believe that his experience and expertise in creating exceptional properties will add additional value and attract a range of residents, including young professionals and families."

Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.

Contact:

GreenLake Originations Team
[email protected]

Adam Frank, Vice President
+1.646.766.0288

Renee Volaric, Vice President
+1.646.766.0286

www.greenlakefund.com

SOURCE GreenLake Asset Management LLC