Development site located at 1701 E McDowell Rd in Phoenix and 15431 North 67th Avenue in Glendale, AZ was involved in a closed transaction. The asset type of the property is a development site.

Summary of transaction details

• Property Type: Development Site
• Loan Amount: $55,500,000
• Loan Type: Equity
• Lender: PacWest
• Landlord: Moderne
• Brokers: Noam Franklin, Cody Kirkpatrick & Chinmay Bhatt - Berkadia

Berkadia JV Equity & Structured Capital led by Noam Franklin, Cody Kirkpatrick, and Chinmay Bhatt coordinated the arrangement of $55.5 million of equity for the development of two multifamily projects on behalf of Moderne. The first project is called The Governor, a mid-rise apartment community consisting of 176 units spread across five stories. Its scheduled completion is set for June 2024. The second project, Moderne Arrowhead, is located in Glendale and is a garden-style community comprising 182 units spread across three stories. It is expected to be completed by April 2024.

The Berkadia JV Equity & Structured Capital team has successfully secured equity for nearly 60 transactions over the past 12 months. Since its launch in 2019, the team has arranged equity for the development of over 19,000 multifamily units and student housing beds in 19 different states.