TMSC-Effect Causing N. Phoenix Building Boom
In Austin, Texas it’s being called the Tesla-effect; a significant about of construction activity near the $10 billion manufacturing plant. A similar situation is occuring near the under-construction $40 billion Taiwan Semiconductor Manufacturing Company plant in North Phoenix. Dozens of noteworthy housing, retail and industrial projects have launched within miles of the plant.
The latest…JLL Capital Markets has secured $62.625 million in construction financing for Meritum Sonoran Desert, a 348-unit, garden-style multi-housing development in Phoenix. JLL worked on behalf of the borrower, IDM Companies, to secure the loan through a life company. The project is located less than three miles from the Taiwan Semiconductor manufacturing facility.
With an anticipated completion in 2025, the project is IDM’s second multi-housing development in the North Phoenix area. A JLL Capital Markets Debt Advisory team was led by Kevin MacKenzie.
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