IDM to Build 500 More Apartment Units for Phoenix
The developer secures $54 million through PCCP for two apartment projects in Phoenix totaling 534 units.
IDM Cos. has secured $54 million through PCCP to build two ground-up apartment projects in Phoenix totaling 534 units. The projects include IDM Estrella Parkway, a 352-unit project in Goodyear, and IDM Cooley Station, a 182-unit project in Gilbert. Both properties are class-A garden-style designs and will feature pools, fitness centers and community areas for residents.
PCCP provided a $34.1 million senior loan for IDM Estrella Parkway and a $20.1 million senior loan for IDM Cooley Station. The terms of the financing deal was not disclosed; however, the firm was attracted to the strong location, growth of the local Phoenix economy, quality construction and sponsorship and proximity to job centers.
Dave Kidder, Adam Deermount, Steve Sims and John Meek of Landmark Capital Advisors secured the funding on behalf of IDM Cos.