CBRE Arranges $32 Million in Financing for BTR Asset in Laveen

CBRE has secured $32.1 million in construction financing for the development of Legacy at Laveen Village, a 172-unit Build-to-Rent (BTR) housing community located south of Southern Avenue along 35th Avenue in Laveen, Ariz.

Bruce Francis, Doug Birrell, Bob Ybarra and Shaun Moothart with CBRE Capital Markets' Debt and Structured Finance team in Phoenix secured the non-recourse, full-term, interest only, 65% loan-to-cost (LTC) construction loan on behalf of the Scottsdale based developer, SIM Real Estate Group.

"The build-to-rent sector continues to grow and provide residents an attractive hybrid of the amenities and advantages of both single-family and multifamily properties," said Mr. Francis. "We are excited to watch Legacy at Laveen Village be built and add additional Class A housing to the local community."

Located in the growing Laveen submarket of Phoenix, the community will feature one-, two- and three-bedroom units across 100 duplex and single standalone homes. The community will have resort-style amenities, including an outdoor pool and spa, a clubhouse with lounge areas and a dog park.

The BTR sector has boomed in recent years across the Valley. According to CBRE Research, since 2018, developers have delivered more than 10,000 build-to-rent units in Arizona, with an additional 8,400-plus units preleased or currently under construction and another 9,000 units planned.