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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.
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.
It is positioned at the
southeast corner of the I-17 Freeway Interchange, which allows future residents
immediate proximity and ease of access to primary employment corridors.
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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