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May 21, 2018
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Housing Trust Group to Build 325-Unit Res Project in Mesa, AZ


Housing Trust Group, based in Coconut Grove, FL, has obtained a $47.2 mil (HUD) 221(d)(4) construction loan for development of Aviva, a Class A+ multifamily project in Mesa, AZ. Aviva marks the first project for the firm in the Arizona market.

The financing, a construction to permanent loan that is fully amortizing over 40 years, was arranged by Walker & Dunlop Inc. The HUD program allows for long-term mortgages of up to 40 years that can be financed with Government National Mortgage Association (GNMA) Mortgage Backed Securities.

The project, located at 8350 E. Baseline Rd, has a total development cost of $63 mil and will consist of 325 one-, two-, and three-bedroom apartments in a luxury gated, garden-style community. Construction recently commenced with a scheduled opening in the third quarter of 2018.

Aviva was designed by local architecture firm Biltform Architecture Group and will be certified to the National Green Building Standard™. Amenities will include a large, state-of-the-art 9k sf clubhouse with a kitchen, media room, arcade, business center, conference room, fitness center with yoga and spin studios, two pools with cabana beds, hot tubs, fire pits and electric car charging stations. The property will also have extensive green space and outdoor amenities including walking trails, a volleyball court and fit stations, barbecue grilling stations, a dog park, and a playground. Monthly rents will range from $1050 to $1500.

Walker & Dunlop’s Frank Baldasare led the team handling the transaction. As of June 2016, Walker & Dunlop was the fourth largest U.S. Department of Housing and Urban Development multifamily lender, based on loans closed.

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