SAN DIEGO, CA – HFF announced today that it has secured $19.75 million in construction financing for the development of Envy, an 89-home, luxury mid-rise condominium project in downtown Scottsdale’s Entertainment District.
Working on behalf of the borrower, Deco Communities, HFF placed the non-recourse construction loan with a commercial bank. The floating-rate loan was priced above LIBOR with a floor of 4.25 percent and did not have a pre-sale requirement. HFF also arranged $14 million in joint venture equity for the project on behalf of the borrower in a separate transaction earlier this year.
Envy will be situated on a one-acre site at 4422 North 75th Street near the intersection of Camelback and Scottsdale Roads. Slated for completion in the spring of 2016, the 89 for-sale residences will feature a variety of one- and two-bedroom floor plans. The eight-story property will provide panoramic city and mountain views and is set to include amenities such as a 4,500-square-foot, state-of-the-art fitness center with lounge and juice bar, mezzanine lounging area, underground parking, resort-style swimming pool and spa, bicycle storage, electric car charging stations and concierge service.
The HFF debt and equity placement team was led by director Bryan Clark.
Deco Communities brings fresh thinking to residential real estate development. In their 17th year in real estate ownership and development in the Southwest, Deco’s founders have used their background in for-sale residential and research into changing demographics and buyer trends to create a truly unique residential real estate development company. Principals Robert Lyles, Patricia Watts and Dan Richards collectively have more than 75 years of experience in the Valley’s residential market, having completed numerous commercial and mixed-use projects and created more than 3,500 homes and counting. www.decocommunities.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.