JLL arranges $22.9M construction loan for Cabana development in Glendale
JLL Capital Markets announced today that it has arranged construction financing and joint venture equity for the development of Cabana on 99th, a 286-unit, garden-style multi-housing project in Phoenix’s Glendale submarket.
JLL worked on behalf of the developer, Greenlight Communities (“Greenlight”), to arrange the joint venture equity partnership with Bridge Investment Group and a construction loan through a regional bank.
Cabana on 99th will be situated at the northwest corner of 99th and Missouri Avenues just off Loop 101. Due for completion in 2021, the property will provide “attainable” workforce rental housing under the Cabana brand. The property’s design is the culmination of Greenlight’s consultation with leading industry experts, architects and property managers to design a prototype building style, floorplans, unit mix, amenities and operational strategies that would result in the construction savings needed to develop a ground-up project that provides an inviting home environment for residents at a lower cost.
Cabana on 99th’s studio, one-bedroom and two-bedroom units will total approximately 172,500 square feet. Amenities will include a common area designed as co-working space, swimming pool, outdoor grilling and dining, courtyard with lush landscaping and hammock garden, covered parking, controlled access and ride share locations.
“At Greenlight, we have adopted an ‘everything you need, nothing you do not’ philosophy in designing our Cabana projects,” said Pat Watts, Principal at Greenlight Communities. “By eliminating expensive, and often under-utilized common areas and amenities, and focusing only on those that deliver a true value component to our residents, we have reduced overall construction costs, as well as ongoing repair and maintenance costs. Gone are the extravagant over-sized clubhouses, wine storage, movie theatres and business centers. We have thoughtfully replaced such spaces with modern co-work space, indoor and outdoor fitness options and community inspired back-yard living.”
The JLL Capital Markets team representing the developer was led by Managing Director Bryan Clark, Senior Director Brad Miner and Analyst Daniel Pinkus.
“Greenlight is developing an innovative product that addresses a huge need in the market today: new, attainable housing for working families,” Miner added. “We are grateful to work with the Greenlight team and look forward to the successful development of Cabana on 99th and the other Cabana-branded projects.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.