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8/22/12
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PCCP LLC purchased a 50 percent syndicated interest in a senior construction loan secured by Belara Apartments, a 307‐unit Class A apartment community located north of the Deer Valley submarket in the city of Phoenix. Built in 2009, the property is over 90 percent leased.
Belara Apartments consists of 13, three‐story, garden‐style apartment buildings with a unit mix of one‐ and two‐bedroom apartments. The community also features a pool, spa, fitness center, picnic area with BBQ grills, clubhouse with a kitchen, as well as an executive business center.
“Belara is a high quality apartment community with best in class sponsorship that should continue to stabilize with improving Phoenix apartment fundamentals,” said Rob Cohen, senior vice president with PCCP. “Belara benefits from a location just north of the 8 msf Deer Valley office market. This market has a strong roster of major employers and retail amenities available for tenants at Belara. ”
Major employers in Deer Valley include USAA, American Express, Cigna, Gore, NPL Construction, Universal Technical Institute, Discover Card, Honeywell Aerospace, PetSmart corporate headquarters, and John C. Lincoln Hospitals ‐ Deer Valley. The new $62 million, 210,000 square foot FBI headquarters building also opened in early 2012. Jones Lang LaSalle’s note sale group represented the seller in the transaction.
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