JLL Secures $62.6M Construction Loan For 348-Unit Development In Phoenix

JLL Capital Markets has secured $62.625 million in construction financing for Meritum Sonoran Desert, a 348-unit multi-housing development in Phoenix, Arizona. The development site is located at the northwest corner of Sonoran Desert Drive and 29th Avenue in Phoenix. The property is owned by IDM Companies.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $62,625,000
• Units: 348
• Address: NWC Sonoran Desert Drive & 29th Avenue, Phoenix, AZ
• Market: Phoenix, AZ
• Landlord: IDM Companies
• Brokers: Brad Miner, Elle Miraglia & Kevin MacKenzie - JLL

JLL's Brad Miner, Elle Miraglia, and Kevin MacKenzie served as the brokers for this transaction. They played a crucial role in securing the construction financing for the Meritum Sonoran Desert development. The financing will support the construction and development of the 348-unit multi-housing project, which is expected to have a significant impact on the Phoenix real estate market.