JLL Capital Markets announced today that it has secured $62.625 million in construction financing for Meritum Sonoran Desert, a 348-unit, garden-style multi-housing development in Phoenix, Arizona.
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JLL worked on behalf of the borrower, IDM Companies, to secure the loan through a life company. The project is IDM’s second multi-housing development in the North Phoenix area.
With an anticipated completion in 2025, the 13-building Meritum Sonoran Desert will include one-, two- and three-bedroom units with an average size of 1,048 square feet. The project will feature a free-standing clubhouse with a resident living room and kitchen, state-of-the-art exercise facility, package lockers, covered patio, a dog park, fire pits and two resort-style pools.
Situated at the northwest corner of Sonoran Desert Drive and 29th Avenue, the project is located less than three miles from the new $40 billion Taiwan Semiconductor manufacturing facility. It is positioned at the southeast corner of the I-17 Freeway Interchange, which allows future residents immediate proximity and ease of access to primary employment corridors. Additionally, the community will be within ten minutes of regional retail developments, including the Shops @ Norterra, Happy Valley Towne Center, Tramanto Marketplace and multiple Fry’s-anchored shopping centers.
The JLL Capital Markets Debt Advisory team was led by Executive Managing Director Kevin MacKenzie, Senior Managing Director Brad Miner and Associate Elle Miraglia.
“In spite of significant market headwinds and challenges in the banking system, this successful outcome shows there is still construction financing available for a top-flight sponsor with a well-conceived, well-located project,” said Miner.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
