Northmarq Secures Construction Loan for Phoenix-Area Apartments

Thanks to a $33 million Northmarq-arranged construction loan, Crown Builders can soon get going on a 156-unit multifamily property in Mesa, Arizona. The development is a joint venture between Ascent Companies and Stave Properties.

Located near the intersection of Southern Avenue and Crismon Road, the developers are planning to break ground on the property before year-end 2022. The Aster at Mountain Vista community will offer similar amenities and quality as seen in much larger multifamily communities in the submarket, but in a boutique setting. Constructed on an 8.47-acre parcel, the community will have a unit mix of 80 one-bedroom, 66 two-bedroom, and 10 three-bedroom units, within seven residential buildings. The community amenities include a clubhouse, fitness center, pool, entertainment lawns, BBQ’s and dog park.

Northmarq’s Brandon Harrington. “Lenders are still active for best-in-class developers and projects given the continued lack of supply in certain areas of Phoenix.”