IDM Cos. Secures $49M Construction Loan for 458-Unit Acero Algodon
Canadian developer IDM Cos. secured a $49.2 million senior loan for ground-up development of Acero Algodon, a 458-unit garden-style multifamily complex in Phoenix’s West Valley. PCCP LLC provided the financing because “IDM Companies is a repeat borrower with PCCP and has a strong 25-plus year track record of suburban multifamily development,” said PCCP’s Michael Johnson. “This project is well-located in one of the fastest-growing markets in the United States, and is poised to provide high quality apartment living for area residents.”
David Kidder, Adam Deermount, Steve Sims and John Meek with Landmark Real Estate arranged the financing.
The development, situated on 20.5 acres at North 91st Avenue between West Osborn and Thomas Roads, will offer one, two and three-bedroom units. On-site amenities will include two resort-style swimming pools, fitness center with yoga and spin studios, business center, community lounge and kitchen, dog park and barbecue and picnic areas. Construction is expected to commence immediately.
For comments, questions or concerns, please contact Amy Sorter
- ◦Financing
- ◦Development