$91M in Financing in Place for Phoenix Condo Project
- Jan 29, 2008
Fore Property Co. has gotten its hands on a financing package valued at nearly $91 million for its Mirabella, a 715-unit multi-family project it’s developing in the suburban Phoenix city of Avondale, Ariz. The funding, orchestrated by Holliday Fenoglio Fowler L.P., comes in the form of a $74.2 million four-year fixed-rate loan provided by a life insurance concern for construction of Mirabella. Additionally, an institutional equity partner is on board the project, and chipped in an additional sum of approximately $16.7 million in joint venture equity was attained from an institutional equity partner. Sited on a nearly 34-acre parcel of land off I-10, Mirabella boasts a location near downtown and within close proximity to the Luke Air Force Base and the Universal Technical Institute. Upon completion the development will encompass the 369-unit loft-style Mirabella Village and Mirabella Gardens, which will consist of 291 units modeled after those contained in Mirabella Village, in addition to 55 townhomes. Fore and its unnamed equity partner on the Mirabella development have joined forces on other projects in the past. The two developed the Coldwater Springs Apartments community in Avondale.