Holliday Fenoglio Fowler, L.P. (HFF) announced that it has secured $18.247 million in non-recourse construction financing for the development of Edison Midtown, a $30.5 million, 110-unit for-sale condominium project in Phoenix’s Midtown neighborhood.
HFF worked on behalf of the developer, Deco Communities (Deco), to place the 60-percent loan-to-cost, non-recourse, three-year construction loan with a commercial bank. HFF also sourced joint venture equity capital for the project from an alternative investment manager ($5 billion AUM) in late 2014.
Due for completion in late 2016, Edison Midtown will be situated on 1.3 acres at the intersection of North Central Avenue and East Monterey Way. The transit-oriented project provides immediate access to light rail and is located midway between downtown Phoenix and the Camelback Corridor, two of the largest employment centers in the state. Designed by Harley Ellis Devereaux, the modern seven-story condominium building will have five stories of one- and two-bedroom residential units situated above a two-level parking garage.
Property amenities will include a 2,000-square-foot fitness center, swimming pool and spa.
Edison Midtown represents the third transaction that HFF has completed for Deco in less than 24-months. HFF also arranged non-recourse construction financing and joint venture equity for Deco’s $38 million Envy development, an 89-unit, for-sale luxury mid-rise condominium project located in downtown Scottsdale that is currently under construction, as well as joint venture equity for Deco’s Inspire on Earll condominium development, located just south of Old Town Scottsdale, which is soon to start construction.
HFF’s debt and equity placement team was led by director Bryan Clark.