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February 21, 2024
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Bela Flor Communities Obtains Construction Loan of $35 Mil for AZ Res Development

2/02/24

Arizona-based Bela Flor Communities has secured a construction loan of $35.25 mil for Bella Olivia, a 112-unit build-to-rent (BTR) community in Peoria, AZ. The property is currently under construction and is expected to open to the public in the summer of 2024.

Located at 9625 West Olive Ave in southwest Peoria, Bella Olivia consists of one-, two- and three-bedroom units across 16 residential buildings. The community also boasts a resort-style pool and spa, designated walking trail, tot lot and dog park.

Bruce Francis, Doug Birrell, Bob Ybarra, Shaun Moothart, Nick Santangelo and Jim Korinek with CBRE Capital Markets' Debt and Structured Finance team arranged the 80% loan-to-cost, full-term interest-only non-recourse construction loan. It has an initial 30-month term.

Bela Flor Communities is a real estate development company focused on developing single-family and multifamily residential communities throughout metro Phoenix. Over the last five years, the company has built over 1,000 units in the Valley. Other communities include Bella Victoria, Bella Encanta, Bella Brisa, Bella Rosa and Bella Corona.

The BTR sector has boomed in recent years across the Valley. According to research analyzed by CBRE, since 2018, developers have delivered more than 10,000 build-to-rent units in Arizona.




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