Scottsdale-based developer, acquisition and property management firm, P.B. Bell, has closed on a $24 million construction loan with U.S. Bank to build The Curve at Melrose, a luxury apartment development on 7th Ave. between Camelback and Indian School roads in Phoenix.
The Curve at Melrose will include 204 luxury units with amenities including a resort-style pool and spa, state-of-the-art exercise facility and parking, among others. With a mid-century modern design, the four-story building complements the surrounding Melrose neighborhood. The project will break ground next spring for completion in early 2018.
“P.B. Bell has a long history and demonstrated expertise in luxury residential development in our region. We’re pleased to partner with them for The Curve at Melrose, which is a great fit for the neighborhood and indicative of strong demand for high-end apartment living in north central Phoenix,” said Matt Mains, commercial real estate manager for U.S. Bank in Phoenix. U.S. Bank also provided financing for P.B. Bell to acquire the land.
U.S. Bank has 66 branches and employs more than 600 people in Phoenix. The bank’s commercial real estate division has 23 offices nationwide, including Phoenix. The division focuses on establishing long-term relationships with commercial real estate developers, REITs, and commercial property owners located across the United States.