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9/06/23
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IDM Companies has landed $62.625 mil in construction financing for Meritum Sonoran Desert, a 348-unit, garden-style multi-housing development in Phoenix. The financing was arranged by JLL Capital Markets and funded through a life company.
With an anticipated completion in 2025, the 13-building Meritum Sonoran Desert will include one-, two- and three-bedroom units with an average size of 1k sf. The project will feature a free-standing clubhouse with a resident living room and kitchen, state-of-the-art exercise facility, package lockers, covered patio, a dog park, fire pits and two resort-style pools.
Situated at the northwest corner of Sonoran Desert Dr and 29th Ave, the project is located less than three miles from the new $40 bil Taiwan Semiconductor manufacturing facility. It is positioned at the southeast corner of the I-17 Fwy Interchange, which allows future residents immediate proximity and ease of access to primary employment corridors. Additionally, the community will be within ten minutes of regional retail developments, including the Shops @ Norterra, Happy Valley Towne Center, Tramanto Marketplace and multiple Fry’s-anchored shopping centers.
Kevin MacKenzie, Brad Miner and Elle Miraglia with JLL Capital Markets Debt Advisory team arranged the loan. The project is IDM’s second multi-housing development in the North Phoenix area.
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