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| Patricia (Pat) Watts |
PHOENIX, AZ, June 9, 2020 – JLL
Capital Markets announced today that it has arranged construction financing and
joint venture equity for the development of Cabana on 99th, a
286-unit, garden-style multi-housing project in Phoenix’s Glendale submarket.
JLL worked on behalf of the developer, Greenlight Communities (“Greenlight”), to arrange the joint venture equity partnership with Bridge Investment Group and a construction loan through a regional bank.
JLL worked on behalf of the developer, Greenlight Communities (“Greenlight”), to arrange the joint venture equity partnership with Bridge Investment Group and a construction loan through a regional bank.
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| Cabana on 99th Apartments, Glendale submarket, Phoenix, AZ |
Cabana on 99th will be situated at the
northwest corner of 99th and Missouri Avenues just off Loop
101.
Due
for completion in 2021, the property will provide “attainable” workforce rental
housing under the Cabana brand.
The
property’s design is the culmination of Greenlight’s consultation with leading
industry experts, architects and property managers to design a prototype
building style, floorplans, unit mix, amenities and operational strategies that
would result in the construction savings needed to develop a ground-up project
that provides an inviting home environment for residents at a lower cost.
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| Bryan Clark |
Cabana on 99th’s studio, one-bedroom and
two-bedroom units will total approximately 172,500 square feet. Amenities will
include a common area designed as co-working space, swimming pool, outdoor
grilling and dining, courtyard with lush landscaping and hammock garden,
covered parking, controlled access and ride share locations.
“At Greenlight, we have adopted an ‘everything you need,
nothing you do not’ philosophy in designing our Cabana projects,” said Patricia (Pat) Watts, Principal at Greenlight Communities.
“By
eliminating expensive, and often under-utilized common areas and amenities, and
focusing only on those that deliver a true value component to our residents, we
have reduced overall construction costs, as well as ongoing repair and maintenance
costs.
"Gone
are the extravagant over-sized clubhouses, wine storage, movie theatres and
business centers.
"We have thoughtfully replaced such spaces with modern co-work space, indoor and outdoor fitness options and community inspired back-yard living.”
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| Brad Miner |
"We have thoughtfully replaced such spaces with modern co-work space, indoor and outdoor fitness options and community inspired back-yard living.”
The JLL Capital Markets team representing the developer
was led by Managing Director Bryan Clark, Senior Director Brad Miner
and Analyst Daniel Pinkus.
“Greenlight is developing an innovative product that
addresses a huge need in the market today: new, attainable housing for working
families,” Miner added.
“We
are grateful to work with the Greenlight team and look forward to the
successful development of Cabana on 99th and the other Cabana-branded
projects.”
For more news, videos and research resources on JLL, please
visit the firm’s U.S. media center Web page: U.S.
newsroom.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to
being acquired by JLL on July 1, 2019. Co-brokerage
services provided by Jones Lang LaSalle Americas, Inc.no
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