Thorofare Capital has secured $69.2 million in a construction loan for a 287-unit multifamily development that will add to the apartment inventory in the Phoenix area. The overall “one-stop” financing totals $84.4 million.

The Aileron Apartments is a Class A project in Phoenix’s Deer Valley submarket, according to a news release. The 287 units will spread across 11 buildings, totaling 281,684 square feet on a 9.95-acre footprint:

The construction loan for Aileron Apartments was secured by a joint venture between Moderne Capital Partners LLC, a local, vertically integrated investment firm, and Triumph Properties Group, Beverly Hills-based, family-owned commercial real estate investment, management, and development company. The $84.4 million ground-up construction project is set to commence construction imminently and is slated for completion in mid-2024.

Jason Aubrey of Denver-based capital markets advisory firm PlattPointe Capital arranged the loan on behalf of the borrower. A.R. Mays Construction will serve as the project’s general contractor, with MVE Partners as the architect and Stellar Residential signed on as the property manager.