Phoenix Exurb Site for New Build-to-Rent Community
Bela Flor Communities will soon start work on a new rental community in the Town of Maricopa, a growing town 40 miles south of Phoenix. Honeycutt Run units will consist of 209 single-story rental homes with floor plans comprising a one, two and three-bedroom casita-style product. Each unit will have a private, fenced backyard. Other amenities include a clubhouse, pool, and barbecue areas.
Northmarq’s Debt and Equity team secured a $49.5 million construction loan for the project. The loan was structured at 80% loan-to-cost. Northmarq also brokered the sale of the land from Suncrest Real Estate & Land to Bela Flor.
Honeycutt Run is next to the soon-to-be completed Maricopa High School. Its location is in the path of growth for both the rapidly expanding Phoenix metro market, which is growing to the south, and the Tucson region, which is expanding to the north.
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.