PEORIA, Ariz. – February 2, 2024 – CBRE has secured a $35.25 million construction loan for Bella Olivia, a 112-unit build-to-rent (BTR) community in Peoria, Ariz. The property is currently under construction and will welcome residents in the summer of 2024.
Bruce Francis, Doug Birrell, Bob Ybarra, Shaun Moothart, Nick Santangelo and Jim Korinek with CBRE Capital Markets' Debt and Structured Finance team secured an 80% loan-to-cost full-term interest-only non-recourse construction loan with an initial 30-month term, on behalf of Arizona-based Bela Flor Communities.
"Construction capital continues to be constrained, as many banks have taken a more conservative underwriting approach over the past year," said Mr. Birrell, executive vice president at CBRE. "However, alternative sources continue to provide liquidity to the market for developments such as Bella Olivia that help fulfill a need within the market. The spacious floor plans at Bella Olivia will provide a unique option for prospective residents looking for larger units within the Peoria submarket."
Bella Olivia will be a 112-unit property at 9625 West Olive Avenue in southwest Peoria. The community will feature one-, two- and three-bedroom units across 16 residential buildings. The community also boasts a resort-style pool and spa, designated walking trail, tot lot and dog park.
Bela Flor Communities is a real estate development company focused on developing single-family and multifamily residential communities throughout metro Phoenix. Over the last five years, the company has built over 1,000 units in the Valley. Other communities include Bella Victoria, Bella Encanta, Bella Brisa, Bella Rosa and Bella Corona.
The BTR sector has boomed in recent years across the Valley. According to research analyzed by CBRE, since 2018, developers have delivered more than 10,000 build-to-rent units in Arizona.