SCOTTSDALE, AZ-TDI Real Estate has secured financing totaling $61.6 million for construction of its class A multifamily property, Jefferson at One Scottsdale. The 388-unit Jefferson at One Scottsdale is part of the One Scottsdale mixed-use development at North Scottsdale Road and East Thompson Peak Parkway.
HFF worked exclusively on behalf of TDI Real Estate to assist the sponsor in arranging a construction loan through Texas Capital Bank and The PrivateBank, and mezzanine financing from Behringer Harvard. The HFF team representing TDI Real Estate was led by Sean Deasy and directors Mark Erland and Charles Halladay. Due for completion in 2014, the property will offer one-, two- and three-bedroom floor plans averaging between 935 square feet and 949 square feet. Community amenities will include a clubhouse, lounge, media room, business center, two swimming pools/spas and both direct and non-direct garages.
“Jefferson at One Scottsdale will be the premier Class A multi-housing project in North Scottsdale given the use of high quality materials, superior architecture, ample parking including garages, and proximity to high quality retail and employment,” says Erland in a press release. “HFF and TDI were able to secure construction debt and mezzanine financing that recognized the quality of the sponsorship, location, project design, and improving Phoenix MSA market fundamentals highlighted by more than 40,000 new jobs over the past 12 months.”
“We are pleased that this transaction represents our first investment in a multifamily community in the Phoenix area as well as our second development project with TDI,” adds Mark T. Alfieri, chief operating officer of Behringer Harvard’s multifamily platform in the same release. “This community will address the metro’s growing need for luxury apartments after several years of muted development activity.”
TDI is a real estate investment firm formed to buy and build a portfolio of multifamily assets in select major U.S. markets. TDI currently manages an $800 million portfolio of assets located throughout the US.