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2/19/08
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The San Diego office of Holliday Fenoglio Fowler (HFF) secured a $27.75 mil construction-perm loan for Central & Bell, a 228-unit multifamily development in North Phoenix, AZ. The project is situated on a nearly 10-acre site at the northeast corner of Central Ave and Bell Rd.
Once completed in 2009, Central & Bell will have eight buildings with one- and two-bedroom units averaging 804 sf each. Select units will have detached garages with additional parking in carports and surface spots, and community amenities will include a clubhouse and outdoor swimming pool.
Working on behalf of the project developers, The Greystone Group Inc and WestStone Communities, HFF Senior Managing Director Tim Wright and Director Aldon Cole placed a 10-year, construction-perm loan with a pension fund advisor. The loan includes six years of interest-only payments.
“Strong job and population growth, as well as elevated home prices continue to fuel the Phoenix apartment market,” said Wright. “Central & Bell will do exceptionally well in this thriving rental market that has continued to broaden due to significant home price appreciation over the last few years.”
Headquartered in Newport BeachThe Greystone Group is a fully-integrated real estate development, management and construction services firm with nearly 30 years of multi-housing and mixed-used development experience. Greystone has completed four multifamily developments in the Phoenix Valley area with another five projects (over 1,000 units) slated to begin in the next year.
WestStone Communities is a Phoenix-based housing developer specializing in luxury “for-sale” product. Their collective projects encompass nearly 950 units in seven projects throughout the greater Phoenix and Tempe metros.
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