LOS ANGELES, CA – PCCP, LLC announced today that it has provided a $43.3 million senior loan to an investment group consisting of R&V Management, Impact Multifamily, Wermers Properties, and Loma Linda University, for the acquisition and renovation of Tuscany Ridge. Tuscany Ridge is a Class A, 336‐unit, garden-style multifamily complex situated on a 19‐acre site in Peoria, Arizona, a northern suburb of Phoenix. The financing was arranged by Rocco Mandala of CBRE.
Built in 2003 and located at 8203 West Oraibi Drive, Tuscany Ridge consists primarily of one‐ and two‐bedroom units with eight three‐bedroom units. The property is spread among 25 two‐story buildings that are separated by grassy common areas and walkways. Its high quality amenities include a 24‐hour fitness center, racquetball court, resort-style pool and spa, shaded playground, business center, select detached garages, and a large resident clubhouse.
“PCCP is excited to provide senior financing to an experienced multifamily operator. Tuscany Ridge is well-positioned for a renovation program and we have full confidence in their ability to execute the business plan,” said Mike Johnson, vice president with PCCP.
Located at the northwest corner of the Loop 101 freeway, Tuscany Ridge is within the Arrowhead submarket of Phoenix, which has been seeing strong economic and residential growth. The community is also situated within walking distance of neighborhood retailers, convenience stores and restaurants, and is two miles from the Arrowhead Towne Center, a 1.4 million-square-foot, Class A regional shopping center anchored by Macy’s, JC Penny, Dillard’s and AMC Theatres. Residents are also proximate to an additional 1.3 million square feet of restaurants and retail that surrounds the Towne Center.
Multifamily demand is high in Phoenix and its suburbs as the region is one of the fastest-growing metropolitan areas in the U.S. and is predicted to have the highest level of employment growth in 2017‐2018, resulting in the need for thousands of new rental units. Many young, well‐educated millennials have moved to Phoenix in recent years due to its low cost of living, attractive climate and expanding economic opportunities. The influx has created a strong talent pool, and many companies are thriving in the business-friendly Phoenix environment, with access to some of the largest universities in the country. The robust economic growth occurring in Phoenix is forecast to continue over the next few years.
About PCCP, LLC: PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully committed over $16 billion of capital since inception through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com