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| Rendering of planned Edison Midtown Condominiums, Midtown Neighborhood, Phoenix, AZ |
SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced
it has secured $18.247 million in non-recourse construction financing for the
development of Edison Midtown, a
$30.5 million, 110-unit for-sale condominium project in Phoenix’s Midtown neighborhood.
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| Bryan Clark |
HFF worked
on behalf of the developer, Deco Communities (Deco), to place the 60-percent
loan-to-cost, non-recourse, three-year construction loan with a commercial
bank.
HFF also sourced joint venture
equity capital for the project from an alternative investment manager ($5
billion AUM) in late 2014.
HFF’s debt and equity placement team was led by director Bryan Clark.
Due for
completion in late 2016, Edison Midtown will be situated on 1.3 acres at the
intersection of North Central Avenue and East Monterey Way.
The transit-oriented project provides
immediate access to light rail and is located midway between downtown Phoenix
and the Camelback Corridor, two of the largest employment centers in the
state.
Designed by
Harley Ellis Devereaux, the modern seven-story condominium building will have
five stories of one- and two-bedroom residential units situated above a
two-level parking garage. Property
amenities will include a 2,000-square-foot fitness center, swimming pool and
spa.
Edison
Midtown represents the third transaction that HFF has completed for Deco in
less than 24-months.
HFF also
arranged non-recourse construction financing and joint venture equity for
Deco’s $38 million Envy development, an 89-unit, for-sale luxury mid-rise
condominium project located in downtown Scottsdale that is currently under
construction, as well as joint venture equity for Deco’s Inspire on Earll
condominium development, located just south of Old Town Scottsdale, which is
soon to start construction.
For a complete copy of the company’s
news release, please contact:
Olivia
Hennessey
Public
Relations Coordinator
HFF | 9
Greenway Plaza Suite 700 | Houston, Texas 77046
tel
713.852.3403 | fax 713.527.8725 | www.hfflp.com
www.decocommunities.com
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