Roosevelt Row High-Rise Secures Bridge Funding

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.