Cohen Financial has arranged more than $74.8M in development financing for the Liv North Scottsdale and Liv Ahwatukee communities in Metro Phoenix.
Both are luxury, Class A multi-family developments.
Liv North Scottsdale has commenced construction and Liv Ahwatukee will break ground in 2Q 2013.
Mark Strauss, Robert Lindner and John Carrick, Managing Directors in Cohen Financial’s Irvine and Los Angeles offices, secured both construction loans in the approximate amounts of $34.5M for Liv North Scottsdale and $40.2M for Liv Ahwatukee.
The borrower is Investment Property Associates, LLC, (IPA), a multi-family developer and manager with a strong history of creating communities that command premium rents by offering a unique luxury lifestyle.
“Both transactions attracted extremely aggressive lender competition due to the exceptional locations and quality of sponsorship,” Strauss said. “Liv North Scottsdale’s unrivaled location next to Scottsdale Quarter will position it for quick occupancy. Liv Ahwatukee is located close to many of the leading high-tech employers in the market and is being developed on the only remaining entitled multi-family site in Ahwatukee.”
Liv North Scottsdale is part of an upmarket, urban‐infill, mixed‐use development within walking distance of Scottsdale Quarter & Kierland Commons, the most exclusive North Scottsdale retail district.
The development consists of 240 units across 4, four-story buildings over podium parking, and is located at the NWC of Scottsdale Rd. and Greenway-Hayden Loop.
Liv Ahwatukee will feature 402 garden-style apartments with a unique suite of amenities that focus on interaction, technology, wellness and sustainability. The community is located in the Ahwatukee Foothills area of Phoenix just a few miles from Intel’s Arizona headquarters, Intel’s newest plant, as well as other significant area employers including PayPal.
Both properties feature high quality finishes, resort-style pools, exceptional fitness facilities and a well-appointed roof-top lounge or other social gathering areas. There will be valet trash and recycling services along with a professionally managed fiber optic networks at each property.