Loans

Square Mile Provides $84M Construction Loan for Arizona Multifamily Asset – Commercial Observer

Waterview Scottsdale.
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Square Mile Capital Management Provided a loan of $84 million for the initial development of Waterview Scottsdale, a 260-unit multifamily asset in Scottsdale, Arizona, the Commercial Observer has learned.

JLL‘s Jeremy Womack I negotiated debts.

project in 4518 North 73 . StreetDeveloped by an entity of Stephen Yary And Shawn Yari. The brothers have been actively involved in the development, acquisition and management of real estate assets over the past three decades, specializing in re-projects in the southwest markets.

“This transaction represents a compelling opportunity to offer construction financing to an experienced sponsor with a strong local presence in both Scottsdale and Phoenix,” Tom Burns, said a manager on the Square Mile. “We expect the project to be well accepted by the market on handover in August 2023, given the extensive amenities package, proximity to key employers and continued population growth in Scottsdale. We are very excited to announce our first debt investment with this sponsor.”

The property is located in the Old Town sub-market in downtown Scottsdale. The city has seen a huge spike in investor interest over the past few years, and with good reason. she was Crowned first to find a job by WalletHub in both 2019 and 2020 (it came in sixth in 2021), and saw rapid rental growth this year, making it the 10th most expensive rental market in the US in September, according to Inman.com.

They are no strangers to the market, Yari brothers run my manager Stockdale Capital Partners, with several Scottsdale properties in their portfolio, including a 372,000-square-foot creative office and an R&D building in 7201 East Henkel Road, And Galleria Corporate Center, a 537,110 square foot Class A office building in downtown Scottsdale.

They are also behind the development and operation of the city in the hotel And Aloft HotelAnd And we created, by assembling several packages in downtown Scottsdale, what is now known as the city’s entertainment district.

Sean and Stephen Yarry could not be immediately reached for comment.

Kathy Cunningham can be reached at ccunningham@commercialobserver.com.

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