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3/15/21
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Cavan Companies obtained $62 mil in construction financing for Bungalows on Cotton Lane, a new 336-unit single-story, built-to-rent community situated on 35.34 net acres in Glendale, AZ.
Bungalows on Cotton Lane is located at North Cotton Lane and West Orangewood Ave, just west of Loop 303, and will feature:
• 336 single-story units, comprising one-, two- and three-bedroom units
• Resort-style pool and heated spa
• Farmhouse-style clubhouse with a full kitchen
• Fitness center
• Car charging stations
• Gated entry and 859 parking spaces.
The site is located in a newly emerging area dominated by the construction of several major industrial and distribution parks and offers excellent access and exposure from the 303 loop, a key route providing access to Interstates 10 and 17. The location is also near major employment, retail and entertainment centers.
Jeremy Korer and Kristian Brown with Cushman & Wakefield’s Equity, Debt & Structured Finance Group arranged the financing. The loan was funded through ACRES Capital.
“Bungalows on Cotton Lane will provide a wonderful Class A horizontal rental opportunity for residents of Glendale and Phoenix Metro market seeking a modern stand-alone home with all the amenity perks found in a more luxury multifamily environment, along with maintenance-free living,” said Korer. “The Bungalows are a unique and flexible housing product that meet the demand of new rental market trends — boasting higher rent and higher retention.”
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