CapMatrix Ltd. acted as exclusive capital markets advisor to Optima, Inc. in securing a $37,110,000 senior loan to provide financing for ongoing land and horizontal infrastructure improvements at Optima McDowell Mountain in Scottsdale, Arizona.
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CapMatrix Ltd, a full-service capital markets and corporate strategic advisory firm, headquartered in Phoenix, Arizona, is pleased to announce the successful placement of land and horizontal infrastructure financing to support the ongoing development and improvements at Optima McDowell Mountain.
Optima McDowell Mountain is the latest Arizona development for Optima, Inc., and at completion the project will feature 6 luxury residential towers boasting over 1330 units of for sale condo and luxury rental units at the Southeast corner of Scottsdale Road and Loop 101 freeway. The project builds upon Optima’s tremendous success just a few miles South, with their Optima Kierland development.
“In today’s market, there are no easy financing assignments, especially for land and horizontal development, but with Optima’s excellent reputation, and the success of their previous projects in Arizona, we are proud to be able to deliver the financing they needed” said Deron Bocks, President & Managing Partner of CapMatrix Ltd.
The financing was provided by Western Alliance Bank, and represented the first deal between Optima and Western Alliance, “The teams at CapMatrix and Western Alliance did an exceptional job of really digging in and understanding our unique financing needs for this project, and the end result was a creative and flexible financing solution that will enable us to continue to execute our vision for this signature asset”, said Mark Riehle, Chief Development Officer of Optima, Inc.
