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Greenlight Communities Secures $23 Mil in Financing for Phoenix Res Development

6/11/20

Greenlight Communities has obtained $22.9 mil in financing for the development of Cabana on 99th, a 286-unit, garden-style multi-housing project in Phoenix’s Glendale submarket. The financing, arranged by Bryan Clark, Brad Miner and Daniel Pinkus with JLL Capital Markets, consists of a joint venture equity partnership with Bridge Investment Group and a construction loan through a regional bank.

Cabana on 99th will be situated at the northwest corner of 99th and Missouri Avenues just off Loop 101. Due for completion in 2021, the property will provide “attainable” workforce rental housing under the Cabana brand. The property’s design is the culmination of Greenlight’s consultation with leading industry experts, architects and property managers to design a prototype building style, floorplans, unit mix, amenities and operational strategies that would result in the construction savings needed to develop a ground-up project that provides an inviting home environment for residents at a lower cost.

Cabana on 99th’s studio, one-bedroom and two-bedroom units will total approximately 172.5k sf. Amenities will include a common area designed as co-working space, swimming pool, outdoor grilling and dining, courtyard with lush landscaping and hammock garden, covered parking, controlled access and ride share locations.

“At Greenlight, we have adopted an ‘everything you need, nothing you do not’ philosophy in designing our Cabana projects,” said Pat Watts, Principal at Greenlight Communities. “By eliminating expensive, and often under-utilized common areas and amenities, and focusing only on those that deliver a true value component to our residents, we have reduced overall construction costs, as well as ongoing repair and maintenance costs. Gone are the extravagant over-sized clubhouses, wine storage, movie theatres and business centers. We have thoughtfully replaced such spaces with modern co-work space, indoor and outdoor fitness options and community inspired back-yard living.”





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