JLL Capital Arranges Building Loan for Flagstaff Apartment Project

JLL Capital Markets arranged the $49.4 million construction loan so Wexford Development could get started on Flagstaff Elkwood, a 224-unit project that will fit on 13.5 acres, three miles from downtown Flagstaff.

JLL’s Brad Miner and Eric Tupler secured the 65% loan-to-cost-ratio loan with a commercial bank. Slated for completion in late 2024, the complex will feature a mix of studio, one and two bedroom layouts spread across four, four-story buildings. Units will offer wood-style flooring and in-unit washer/dryers. On site amenities will include 6,000 square feet of retail space, a clubhouse with lounge area, fitness center and pool.

At East Butler and N. Fourth Street the project is close to Northern Arizona University.