A 312-unit luxury high-rise apartment tower on Phoenix’s Roosevelt Row has secured an $81.5 million bridge loan. The non-recourse debt replaces a senior construction loan and will finance the remainder of construction.
In addition to the current financing, the borrower plans to secure future funding to retire the existing mezzanine construction debt as well as return cash equity to the developer’s investor group.
L.A.-based George Smith Partners arranged the financing on behalf of the borrower.
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Kelsi Maree Borland
Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.
