CWK - Greystone Monticello Provides $37 Million in Financing for Build-to-Rent Portfolio in Arizona Cushman & Wakefield Represents Buyer | Benzinga
NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Greystone Monticello and Cushman & Wakefield jointly announced today that the firms provided financing for, and represented the buyer of, respectively, a two-property portfolio of build-to-rent multifamily communities in Phoenix, Arizona.
Jeems Lochridge of Cushman & Wakefield represented Balfour Pacific Capital and Stone View Holdings, the joint buyers and co-General Partners in the transaction, and Greystone's Dale Holzer of Greystone originated the loan through Greystone Monticello. In the transaction led by Chris Hetzel, Greystone Monticello provided a two-year $37,250,000 bridge acquisition loan to allow for lease-up and stabilization of the portfolio.
The two-site portfolio, Stone View on Central and Stone View on 7th, consists of build-to-rent, entry-level communities totaling 123 homes. The properties are developed to modern new-home construction standards with each townhome-style unit featuring quartz countertops, stainless steel appliances, en-suite laundry, and select units have two-car attached garages. All units are individually metered for electricity, water, and trash services and individually platted with their own addresses.
"The demand for build-to-rent assets in the Phoenix MSA remains robust, both ...