CBRE Negotiates $66 Million in Financing on Bella Encanta in Mesa

CBRE has obtained a $66 million bridge loan for Bella Encanta, a 212-unit build-to-rent (BTR) community located in Mesa, Ariz. Over half of the units are leased and occupied at the property, which recently completed construction in November 2023.

Bruce Francis, Doug Birrell, Bob Ybarra, Shaun Moothart, Nick Santangelo and Jim Korinek with CBRE Capital Markets' Debt and Structured Finance team secured a non-recourse, full-term interest-only, 65% loan-to-cost, 24-month term loan with three extension options, with MF1 Capital, a U.S.-based real estate lending firm, on behalf of Bela Flor Communities. Michael Squires, Jake Goldstein and Phil Pesant from MF1 Capital led the negotiations for the lending firm.

“Bela Flor has earned a reputation for building some of the finest for-sale and BTR communities throughout metro Phoenix," said Mr. Birrell, executive vice president at CBRE. "With an average unit size of 1,948 sq.-ft., this project offers larger floor plans and superior amenities. This combination provides prospective residents the best of both worlds of the amenities typically found in Class-A multifamily communities alongside the comforts and privacy typically found in single-family communities.”

Located at 9745 Hampton Avenue in Mesa, Bella Encanta features two-, three-, four- and five-bedroom units across 31 acres. The property is highly amenitized, with direct access to two-car garages, an outdoor pool and spa, pickleball courts, a fitness center and two dog parks.

Arizona-based Bela Flor Communities is a real estate development company focused on developing single-family and multifamily residential communities (both for sale and for rent) throughout metro Phoenix. Over the last five years, the company has built 975 units in the Valley. Other completed communities include Bella Victoria, Bella Brisa, Bella Rosa and Bella Corona.

The BTR sector has boomed in recent years across the Valley. According to research analyzed by CBRE, since 2018, developers have delivered more than 10,000 build-to-rent units in Arizona.