Square Mile Provides $ 84 Million Construction Loan for Multi-Family Asset in Arizona – Commercial Observer

Capital management per square mile provided an $ 84 million loan for the initial development of Scottsdale Water View, a 260-unit multi-family asset in Scottsdale, Ariz., learned from Commercial Observer.

JLL‘s Jeremy Womack negotiated the debt.

The project, at 4518 North 73rd Street, is developed by an entity affiliated with Steven yari and Shawn yari. The brothers have been actively involved in the development, acquisition and management of real estate assets for the past three decades and specialize in repositioning projects in the southwest markets.

“This transaction represents a compelling opportunity to provide construction financing to an experienced sponsor with a strong local presence in Scottsdale and Phoenix,” Tom burns, said a Square Mile manager. “We expect the project to be well received by the market upon delivery in August 2023, given its extensive equipment package, proximity to major employers, and the continued growth of Scottsdale’s population. . We are very happy to announce our first debt investment with this sponsor. “

The property is located in the Old Town submarket of downtown Scottsdale. The city has seen a surge in investor interest in recent years, and for good reason. It was crowned the first place to find a job by WalletHub in 2019 and 2020 (it ranked 6th in 2021) and has seen skyrocketing rental growth this year, making it the 10th most expensive rental market in the United States in September, according to Inman.com.

Accustomed to the market, the Yari brothers run the main Stockdale Capital Partners, with several Scottsdale properties in their portfolio, including a 372,000 square foot creative office and research and development building at 7201 East Henkel Way, and Galleria Corporate Center, a 537,110 square foot Class A office building in downtown Scottsdale.

They are also at the origin of the development and exploitation of Hotel W and Altitude hotel, and created – through the assembly of several plots in downtown Scottsdale – what is now known as the city’s entertainment district.

Shawn and Steven Yari could not be reached immediately for comment.

Cathy Cunningham can be reached at [email protected].

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