Land development secured a $79 million construction loan to finance the development of Commons of Avondalea 324-unit multi-family project in Phoenix, Commercial Observer can report first.
Churchill Real Estate provided the loan with a team led by Sean Robertson and Jeff Rosenfeld. Cooper Horowitz arranged the loan without recourse.
Located on the northwest corner of McDowell Road and Avondale Blvd, Avondale Commons is a two-phase, mixed-use development on 22.6 acres. Churchill’s loan funds the first phase, which consists of four four-story apartment buildings containing 292 multi-family units and 32 townhouse units, scheduled for completion in December 2024. Facilities will include a club -house with a fitness center, swimming pool, playground, pickleball courts, barbecue areas and walking paths. The project will also include 582 parking spaces.
The second phase, expected to begin next year, will include 33,000 square feet of medical office space, 26,000 square feet of neighborhood retail and a 96-room IHG-branded hotel, according to a statement.
“We are thrilled to expand our relationship with Overland by providing this customized financing solution for such a transformative project,” Robertson said in prepared remarks. “Being a trusted financial partner for repeat borrowers is the backbone of Churchill’s growth story. This agreement is further proof of that.
“This internal migration has put a strain on the supply of existing apartments, as evidenced by local absorption exceeding deliveries of 1,600 units over the past decade,” Rosenfeld added.
Overland Development officials did not immediately respond to a request for comment.
Emily Fu can be reached at [email protected].