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12/17/14
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Deco Communities has obtained $19.75 mil in construction financing for the development of Envy, an 89-home, luxury mid-rise condominium project in downtown Scottsdale’s Entertainment District. The non-recourse loan was arranged by Bryan Clark of HFF and funded by a commercial bank.
Envy will be situated on a one-acre site at 4422 North 75th St, near the intersection of Camelback and Scottsdale Roads. Slated for completion in the spring of 2016, the 89 for-sale residences will feature a variety of one- and two-bedroom floor plans. The eight-story property will provide panoramic city and mountain views and is set to include amenities such as a 4.5k sf, state-of-the-art fitness center with lounge and juice bar, mezzanine lounging area, underground parking, resort-style swimming pool and spa, bicycle storage, electric car charging stations and concierge service.
The floating-rate loan was priced above LIBOR with a floor of 4.25 percent and did not have a pre-sale requirement. HFF also arranged $14 mil in joint venture equity for the project on behalf of the borrower in a separate transaction earlier this year.
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