EverWest Real Estate Investors has closed on two mezzanine construction loans totaling $24.3 million for NexMetro Communities, a leading national developer of innovative for-rent communities that serve as a hybrid between conventional garden-style apartments and amenitized single-family homes. The EverWest loans will support NexMetro’s development of two highly differentiated Avilla Homes rental communities in two high growth markets – Peoria, Arizona and Thornton, Colorado.
“NexMetro has a proven track record of delivering a niche, in-demand residential product that bridges the gap between single-family residences and apartments,” said EverWest Director for Structured Finance Zi Sen Chong. “They are a well-capitalized entity that has developed, sold or is currently developing more than 5,800 units in high growth markets and is backed by an extremely experienced ownership team. We are excited to support the development of their newest communities.”
Located in Peoria, Arizona, within metro Phoenix’s West Valley submarket, Avilla Lago is a gated community totaling 120 modern and stylish units. The project offers one-, two- and three-bedroom single-family rental home plans ranging from 635 to 1,236 square feet.
Avilla Eastlake is located in Thornton, Colorado. It totals 244 equally styled single-family rental units, with one-, two- and three-bedroom home plans ranging from 638 to 1,289 square feet.
All units are detached or semi-detached and include a private entry, private fenced yard and are fully pet-friendly. Proven floorplans feature 10-foot ceilings, modern top-of-the-line finishes, stainless steel appliances and full-size washer and dryers.
Both properties feature professional property management, open grassy areas, walking trails, an on-site dog park and a resort-style pool with hot tub, lounge seating, dining areas and built-in barbeques.
Avila Lago sits west of the northwest corner of Lake Pleasant Parkway and Beardsley Road. It is minutes from the Loop 101 freeway with quick access to downtown Phoenix, major employment corridors and large-scale retail, sports, dining and entertainment.
Avilla Eastlake is located at Washington Street and Washington Center Parkway. It is 13 miles north of downtown Denver and sits on the east side of Interstate 25, close to Denver International Airport, an RTD regional rail station, major employment centers and local shopping, dining and entertainment destinations.
NexMetro anticipates delivery of Avilla Lago by October 2020 and Avilla Eastlake by December 2020.
EverWest launched its structured finance platform in 2013 under the direction of industry veterans Tom McCahill and Joe Chickey, with a focus on originating and managing mezzanine debt, preferred equity financing and B-notes for commercial properties and developments throughout the U.S. EverWest continues to actively seek new investment opportunities in major U.S. markets.