HFF secures $18.247 million financing for development of 110-unit condominium project in Phoenix, Arizona
SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $18.247 million in non-recourse construction financing for the development of Edison Midtown, a $30.5 million, 110-unit for-sale condominium project in Phoenix’s Midtown neighborhood.
HFF worked on behalf of the developer, Deco Communities (Deco), to place the 60-percent loan-to-cost, non-recourse, three-year construction loan with a commercial bank. HFF also sourced joint venture equity capital for the project from an alternative investment manager ($5 billion AUM) in late 2014.
Due for completion in late 2016, Edison Midtown will be situated on 1.3 acres at the intersection of North Central Avenue and East Monterey Way. The transit-oriented project provides immediate access to light rail and is located midway between downtown Phoenix and the Camelback Corridor, two of the largest employment centers in the state. Designed by Harley Ellis Devereaux, the modern seven-story condominium building will have five stories of one- and two-bedroom residential units situated above a two-level parking garage. Property amenities will include a 2,000-square-foot fitness center, swimming pool and spa.
Edison Midtown represents the third transaction that HFF has completed for Deco in less than 24-months. HFF also arranged non-recourse construction financing and joint venture equity for Deco’s $38 million Envy development, an 89-unit, for-sale luxury mid-rise condominium project located in downtown Scottsdale that is currently under construction, as well as joint venture equity for Deco’s Inspire on Earll condominium development, located just south of Old Town Scottsdale, which is soon to start construction.
HFF’s debt and equity placement team was led by director Bryan Clark.
About Deco Communities
Deco Communities brings fresh thinking to residential real estate development. In their 17th year in real estate ownership and development in the Southwest, Deco’s founders have used their background in for-sale residential and research into changing demographics and buyer trends to create a truly unique residential real estate development company. Principals Robert Lyles, Patricia Watts and Dan Richards collectively have more than 75 years of experience in the Valley’s residential market, having completed numerous commercial and mixed-use projects and created more than 3,500 homes and counting. For more information, visit www.decocommunities.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.