Bela Flor Obtains $66M Bridge Loan for 212-Unit Mesa BTR Community
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. The loan is a non-recourse, full-term interest-only, 65% loan-to-cost, 24-month term loan with three extension options. MF1 Capital arranged the loan on behalf of Bela Flor Communities. Over the last five years, Bela Flor has built 975 units in the Valley.
Located at 9745 Hampton Avenue in Mesa, Bella Encanta features two-, three-, four- and five-bedroom units across 31 acres. The property has direct access to two-car garages, an outdoor pool and spa, pickleball courts, a fitness center and two dog parks.
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.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.