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April 15, 2024
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SIM Real Estate Group Secures $32 Mil in Construction Money for AZ Res Project


Scottsdale-based SIM Real Estate Group has obtained $32.1 mil in construction financing for the development of Legacy at Laveen Village, a 172-unit Build-to-Rent (BTR) housing community located south of Southern Ave along 35th Ave in Laveen, AZ.

Located in the growing Laveen submarket of Phoenix, the community will feature one-, two- and three-bedroom units across 100 duplex and single standalone homes. The community will have resort-style amenities, including an outdoor pool and spa, a clubhouse with lounge areas and a dog park.

Bruce Francis, Doug Birrell, Bob Ybarra and Shaun Moothart with CBRE Capital Markets' Debt and Structured Finance team in Phoenix secured the non-recourse loan. The full-term, interest-only construction financing came in at 65% loan-to-cost.

The BTR sector has boomed in recent years across the Valley. According to CBRE Research, since 2018, developers have delivered more than 10,000 build-to-rent units in Arizona, with an additional 8,400-plus units preleased or currently under construction and another 9,000 units planned.

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