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| Rendering of planned Envy luxury mid-rise condominiums Downtown Scottsdale, AZ |
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| Bryan Clark |
SAN DIEGO, CA – HFF announced
today that it has secured $19.75 million in construction financing for the
development of Envy, an 89-home, luxury mid-rise condominium project in
downtown Scottsdale’s Entertainment District.
Working on behalf of the borrower,
Deco Communities, HFF placed the non-recourse construction loan with a
commercial bank.
The floating-rate loan
was priced above LIBOR with a floor of 4.25 percent and did not have a pre-sale
requirement.
HFF also arranged $14
million in joint venture equity for the project on behalf of the borrower in a
separate transaction earlier this year.
Envy will be situated on a one-acre site at 4422 North 75th Street near
the intersection of Camelback and Scottsdale Roads. Slated for completion in the spring of 2016, the 89 for-sale
residences will feature a variety of one- and two-bedroom floor plans.
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| Patricia A. Watts |
The eight-story property will
provide panoramic city and mountain views and is set to include amenities such
as a 4,500-square-foot, state-of-the-art fitness center with lounge and juice
bar, mezzanine lounging area, underground parking, resort-style swimming pool
and spa, bicycle storage, electric car charging stations and concierge service.
The HFF debt and equity placement team was led by
director Bryan Clark.
Deco Communities brings fresh
thinking to residential real estate development.
In their 17th year in real estate ownership and development in
the Southwest, Deco’s founders have used their background in for-sale residential
and research into changing demographics and buyer trends to create a truly unique residential real estate
development company.
Principals Robert Lyles,
Patricia Watts and Dan Richards collectively have more than 75 years of
experience in the Valley’s residential market, having completed numerous
commercial and mixed-use projects and created more than 3,500 homes and
counting. www.decocommunities.com.
For a complete copy of the
company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite
700 | Houston, TX 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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