Matrix Equities Secures $39.35 Million Building Loan for Phoenix-Area Rentals
Highland Realty Capital secured the non-recourse construction loan for Innovation Villas in Maricopa, Arizona. The 80% Loan-to-Cost loan will go toward building out the 183-unit Build-to-Rent community at Highway 238 and North Loma Road in Maricopa, Arizona.
Matrix Equities is the developer on the project that will consist of one and two-bedroom units averaging between 638 and 1.039 square feet. Rents are estimated to be between $1,600 and $1,975 a month.
Matrix expects to start delivery on the units in spring of 2023, with completion slated for year-end 2023. Besides Arizona, Matrix has similar developments in the Dallas/Fort Worth area.
Highland’s Mike Guterman handled the financing assignment.
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.