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3/24/22
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A joint venture between Moderne Capital Partners LLC and Triumph Properties Group is closer to moving ahead with construction of Aileron Apartments, a 287-unit Class A multifamily project in Phoenix’s Deer Valley sub-market, thanks to landing a loan of $69.2 mil to fund construction of the development.
The financing was provided by Thorofare Capital Inc, an affiliate of Callodine Group. The $84.4 mil, ground-up construction project is set to commence construction imminently and is slated for completion in mid-2024.
Aileron is well located and near various transportation arterials including Loop 101, which is just north of the development and about one mile south of Deer Valley Airport. The project will feature 11 buildings totaling 241.7k sf of space situated on a 9.95-acre site at 20350 N. 7th Ave. The Class A property will feature a mix of studios, one-, and two-bedroom units averaging 842 sf in size.
Jason Aubrey of Denver-based capital markets advisory firm PlattPointe Capital arranged the interest-only, floating rate construction loan. It carries an initial term of three years, in addition to two extension options, and capitalizes the project’s development budget through its lease-up upon commencement of operations.
A.R. Mays Construction will serve as the project’s general contractor, with MVE Partners as the architect and Stellar Residential signed on as the property manager.
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