$75M Loan Secured for Luxury Arizona Multifamily Project
BWE originated the $74.9M loan on behalf of Fain Signature Group for the construction development.
By Ingrid Tunberg | Aug 30, 2022
PRESCOTT VALLEY, AZ – Full-service commercial and multifamily mortgage banking company Bellwether Enterprise Real Estate Capital LLC has closed a more than $74.9 million US Department of HUD 221(d)(4) loan on behalf of developer Fain Signature Group for the construction of a 329-unit luxury multifamily property in downtown Prescott Valley, AZ.
The mid-rise, gated community, Legado Apartments, will feature one-, two- and three-bedroom units with Energy Star appliances, in-unit washers and dryers, and patio/balcony storage. Designed to obtain an Energy Star certification, the community will offer a clubhouse with free Wi-Fi, poolside cabanas and spa, a fitness center, a picnic area, recreation areas with a dog run and dog washing station, electric vehicle charging stations, elevators and a parking garage.
Legado Apartments will also offer a rooftop restaurant and a variety of cafes and retail spaces on the first and sixth floors, which will be open to the public as a part of the Prescott Valley Entertainment District’s mixed-use development project.
BWE EVP Jim Swanson originated the loan through HUD’s 221(d)(4) Mortgage Insurance Program. The non-recourse, fully assumable loan features a 40-year, fully-amortizing loan term. The HUD-insured financing provides the project with a combined construction and permanent loan.
“BWE is proud to have worked with Fain Signature Group to bring much-needed additional rental housing to the community,” says Swanson. “Despite some recent apartment growth, Prescott Valley is still one of the most under-served communities in Arizona. The new community, located in the heart of Prescott Valley’s Town Center, will contribute to the economic and employment growth of the region as a whole.”
Legado Apartments. Image courtesy of Todd + Associates