(To read more on the multifamily market, click here.)
SCOTTSDALE, AZ-Grace Communities is finalizing plans for a140-unit residential condominium development in Old Town. The$185-million Portales Place is scheduled to break ground thisyear.
Grace Communities just closed on 9.7 acres along GoldwaterBoulevard, paying $18 million for land beside the 1.8-million-sfScottsdale Fashion Square Mall. The local developer secured $9.7million from Los Angeles-based Fremont Investment & Loan whileInSymphony Private Capital of Phoenix provided equity for the deal.Scott McPherson and Eric Inabinet with Capital Advisory Group inPhoenix arranged the debt and equity financing.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
