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MULTIFAMILY NEWS
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Bela Flor Communities Obtains $40 Mil in Financing for New AZ Res Community

2/07/19

Bela Flor Communities has landed $40 mil in financing for Bella Victoria, a newly built, 236-unit, high-end, multifamily property in Mesa, AZ. The property was nearly 94% leased at the time of construction completion.

The luxury condominium rental community, located at 1350 S. Ellsworth Rd, features such amenities as a 4k sf clubhouse, state-of-the-art fitness center and fiber optic communications network, two resort-style swimming pools and spas, and a pet park, among other amenities. The individual condos have direct-access garages and electric vehicle charging ports.

CBRE’s Bruce Francis, Dana Summers, Doug Birrell, Bob Ybarra and Shaun Moothart arranged the financing. The loan, funded through New York Life, has a six-month forward commitment, a 25-year term, five years of interest only, followed by a 30-year amortization.

Commercial and residential construction in the East Valley of the Greater Phoenix metropolitan area has kept up with the growing number of students, residents and businesses, resulting in a dense live-work-play atmosphere, according to CBRE research. Large investments in the region including the addition of light rail -- connecting Mesa and Tempe with Phoenix -- have added to the area’s urban appeal.

Today, approximately one-third of the metro’s residents live in the East Valley, and its population over the next five years is projected to grow at twice the national average. Rental rates and vacancies reflect these trends. Fourth-quarter average rental rates for apartment properties in South Mesa have climbed 5% year-over-year to $1.02 per square foot while the vacancy rate has dipped 39 basis points to 2.75%, according to CBRE research.






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