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With an anticipated completion in 2025, the 13-building Meritum Sonoran Desert will include one-, two- and three-bedroom units |
PHOENIX, AZ – JLL Capital Markets has secured $62.625 million in construction financing for Meritum Sonoran Desert, a 348-unit, garden-style multi-housing development in Phoenix, Arizona.
JLL worked on behalf of the borrower, IDM Companies, to
secure the loan through a life company. The project is IDM’s second
multi-housing development in the North Phoenix area.
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| Elle Miraglia |
With an anticipated completion in 2025, the 13-building Meritum Sonoran Desert will include one-, two- and three-bedroom units with an average size of 1,048 square feet.
The project will feature a
free-standing clubhouse with a resident living room and kitchen,
state-of-the-art exercise facility, package lockers, covered patio, a dog park,
fire pits and two resort-style pools.
Situated at the northwest corner of Sonoran Desert Drive and
29th Avenue, the project is
located less than three miles from the new $40 billion Taiwan Semiconductor
manufacturing facility.
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| Kevin MacKenzie |
Additionally, the community
will be within 10 minutes of regional retail developments, including the Shops
@ Norterra, Happy Valley Towne Center, Tramanto Marketplace and multiple
Fry’s-anchored shopping centers.
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| Brad Miner |
“In spite of
significant market headwinds and challenges in the banking system, this
successful outcome shows there is still construction financing available for a
top-flight sponsor with a well-conceived, well-located project,” said Miner.
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JLL, please visit our newsroom.
Contact:
Jenna Sharp
JLL,
Public Relations
Dallas,
Texas
M
+1 214 394 3356
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