Stonehill’s commercial real estate group, Stonehill CRE, announced it had closed a $52.0 million senior loan facility to Starpoint Properties for the construction of Lotus Point Apartments, a 245-unit multi-family property located in Mesa, Ariz., within the Phoenix Metropolitan Statistical Area (MSA).
The loan will facilitate construction of a four-story multi-family building, estimated to be completed in the first quarter of 2025. The six-acre site, located adjacent to grocery-anchored retail and within walking distance to the metro light rail, will offer studio, one- and two-bedroom units with premium amenities that include a fitness center, clubhouse, co-working area, pool with spa and open and covered parking options.
"This investment mirrors the precise kind of strategy we actively seek - a great property with a sophisticated sponsor in a high-growth market," said Taylor Pike, senior vice president, Stonehill CRE. "Phoenix remains one of the nation's best-performing markets for job growth thanks to a diversified employment base across a broad range of industries. Despite strong demographics, single-family-for-sale development has not kept pace. Coupled with the rapid rise in mortgage rates, well-located multifamily projects will remain in high demand.”
Stonehill, a part of Peachtree Group, is a direct commercial real estate lender offering permanent loans, bridge loans, mezzanine loans, commercial property-asset clean energy (CPACE) financing and preferred equity investments across all commercial real estate sectors.
About Peachtree Group
Peachtree Group is an investment firm driving growth with a diverse portfolio of commercial real estate assets and other ventures. The company has executed hundreds of investments since its inception, focusing on real estate acquisition, development and lending valued at almost $9.0 billion in total market capitalization. Today, Peachtree manages over $2.5 billion in equity, augmented by services designed to protect, support and grow its investments. For more information, visit www.peachtreegroup.com.
About Starpoint Properties
Founded in 1995 and headquartered in Beverly Hills, StarPoint Properties is an uncommonly innovative real estate firm, combining exceptional operating expertise with creativity in asset transformation to drive superior outcomes for its investors. StarPoint Properties has established a reputation for consistent high-level execution over its 25+ year track record, having completed more than $1.5 billion of real estate transactions, repeatedly delivering superior returns to its investors. For more information, visit https://starpointproperties.com/.
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Contacts
Charles Talbert
678-823-7683
ctalbert@peachtreegroup.com
