PCCP, LLC PROVIDES SENIOR LOANS TO IDM COMPANIES TOTALING $54.2 MILLION FOR THE DEVELOPMENT OF TWO PHOENIX-AREA MULTIFAMILY ASSETS
San Francisco, CA, May 2, 2019 – PCCP, LLC announced today it has provided two senior loans totaling $54.2 million to IDM Companies for the ground-up development of two multifamily complexes in the Phoenix market. The properties will total 534 units and include IDM Estrella Parkway, a 352-unit project in Goodyear and IDM Cooley Station, a 182-unit project in Gilbert. The financing was arranged by Dave Kidder, Adam Deermount, Steve Sims, and John Meek at Landmark Capital Advisors.
“PCCP sees this as a compelling opportunity to work with IDM Companies, a firm with a 25-year track record of multifamily development,” said Erik Flynn, partner with PCCP. “We feel that the projects’ strategic locations near job centers, quality construction and management, and on-site amenities will attract area renters in one of the country’s top markets for jobs and population growth.”
PCCP is providing a $34.1 million senior loan for IDM Estrella Parkway, a Class A, garden-style apartment community in Goodyear. The project will include 352 one, two and three-bedroom floorplans across 15 residential buildings and will feature high-end amenities with ample covered surface parking. Unit interiors will include hard surface countertops, vinyl plank flooring, 9 foot ceilings, washer/dryer, private patios and balconies, and stainless steel appliances. The common area amenities include two pools, a fitness center, leasing office, community game room/lounge with kitchen, and outdoor grilling areas.
IDM Estrella Parkway is situated at the intersection of Estrella Parkway Road and Fillmore Street and is well-located within the Estrella Commons master plan and is directly adjacent to a planned retail center including an Aldi grocery store, AMC movie theater, Starbucks, and two hotels, and is just one-half mile from Interstate 10.
PCCP is also providing a $20.1 million senior loan for IDM Cooley Station, a Class A, garden-style apartment complex in the Gilbert. The project will include 182 one and two-bedroom floorplans across 14 residential buildings and feature high-end amenities with ample covered surface parking. Unit interiors will include hard surface countertops, vinyl plank flooring, 9 foot ceilings, washer/dryer, private patios and balconies, and stainless steel appliances. The common area amenities include a pool, fitness center, leasing office, community game room/lounge with kitchen, and outdoor grilling areas.
IDM Cooley Station is situated at the intersection of East Vest Avenue and South Recker Road and is well-located within the Cooley Station master plan and is directly north of in excess of 25 acres of mixed-use projects under development. The site is two miles south of an entrance to the Loop 202 freeway which encircles the Southeast Valley and connects to downtown Phoenix. Access to job centers, a young and well-educated workforce, the presence of the STEM industries, and an Arizona State University satellite campus are all factors that have driven growth in Gilbert this cycle.
The Phoenix economy is now the 11th largest metro in the United States. The population expanded 12.4 percent between 2010 and 2017 and has increased at an especially rapid rate in recent years. Phoenix ranked 4th in population gains across all U.S. metros between 2016 and 2017 and added another 85,800 people (approximately 2 percent) between 2017 and 2018. Phoenix also created 86,800 jobs (4 percent growth) between 2017 and 2018, achieving the 2nd highest percentage job growth among all U.S. metros. The expanding economy has strengthened fundamentals in the Phoenix multifamily market, as demand for apartments has consistently outpaced supply.