(To read more on the multifamily market, click here.)
TEMPE, AZ-Weststone USA has obtained $40.5 million inconstruction financing, triggering the start of work on the134-unit Northshore Condominiums. The Phoenix-based developerbought the 2.62-acre project site in June 2004.
"Presales are strong, the developer has been successful onprevious projects so from that perspective, we didn't have aproblem with it," says David Sotolov, vice president and seniorloan administrator in Phoenix for Tustin, CA-based Fremont &Investment & Loan. Weststone has sold 96% of the condos, whichwill be delivering in fourth quarter 2007 at the intersection ofPlaya del Norte and Scottsdale Road.
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