News release

JLL secures $385M in debt and equity for The McBride Cohen Company to finance phase I of waterfront, trophy mixed-use project in Phoenix Metro

JLL Capital Markets arranged construction financing and equity on behalf of The McBride Cohen Company for the development of Phase I of South Pier at Tempe Town Lake, a $1.8B Master-Planned Development in Tempe, Arizona

June 13, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

PHOENIX, June 13 , 2023 – JLL Capital Markets announced today that it has raised $385 million in debt and equity for the construction of South Pier at Tempe Town Lake Phase I, a 737,585-square-foot, waterfront, trophy mixed-use project that will include 724 multi-housing units and 26,767 square feet of retail space in Tempe, Arizona. Upon completion, Phase I of the McBride Cohen Company-led project will be the largest apartment development in the state of Arizona and will feature the towering Arizona Amazing Wheel, a pedestrian bridge, public dock, and world class entertainment isle.

JLL worked on behalf of borrower, The McBride Cohen Company, to raise $162 million in equity from Cantor Fitzgerald and Silverstein’s Opportunity Zone Fund, as well as secure $223 million in financing through both senior and mezzanine loans.

“We believe in the power of this project, this incredible piece of waterfront and the community we are going to create here at South Pier,” said Loren McBride Cohen, CEO of The McBride Cohen Company. “We are truly grateful to our partners at JLL for their belief in this dream.”

With an anticipated completion during the second half of 2026, Phase I will consist of three Class-A towers ranging from 22 to 24 stories that will sit on a four-story, 836-space parking structure. The planned unit mix of the project’s 724 units includes studios and one-, two- and three-bedroom apartments. Residents will benefit an unparalleled living experience with condominium-quality finishes and The Central Green, a lush, 2-acre public park at the heart of the project, along with fitness centers, spas, pools, and doorstep access to other waterfront amenities, including the South Pier Isle Entertainment District. Phase I will begin the development of the 3.2-million-square-foot resort-inspired development, placemaking it as one of the largest master-planned projects in the Western United States.

Located within an Opportunity Zone, the development sits on the 3.32-acre South Pier Lot 6 and is ideally situated on the southern edge of Tempe Town Lake. It is positioned northeast of Arizona State University and directly south of Scottsdale. Residents will benefit from a myriad of public transportation options, including the Loop 202 freeway, Phoenix Metropolitan Bus System, Tempe Streetcar System and the Phoenix Metropolitan Light Rail System, all located within proximity to the site. The land is surrounded by the Novus Innovation Corridor, a planned 330-acre mixed-use urban destination. Additionally, Mill Avenue Entertainment District, Papago Park, and ASU Gammage Performing Arts District are all within proximity of the site. It is less than a 15-minute commute to downtown Phoenix.

The JLL Capital Markets Advisory team representing the borrower was led by Senior Managing Director Tom Wilson, Senior Managing Director Brad Miner, Senior Director Matt Benson, Director Brock Knapp and Associate Elle Miraglia.

“The South Pier project will continue the evolution of the waterfront along Tempe Town Lake, providing world-class housing and retail amenities, which will drive further demand and investment to the city,” said Miner. “This phase is a vital step in generating momentum for the transformative South Pier master plan.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About The McBride Cohen Company

The McBride Cohen Company is comprised of vertically integrated affiliates with a 55-year track record of bringing ambitious real estate projects to life. Led by its owner and CEO Loren McBride Cohen, the company’s focus is developing world-class, resort-inspired mixed-use neighborhoods and creating welcoming spaces and places that elevate the way people live, work, and play.  The McBride Cohen Company offers in-house design, development & construction management services, with active project pursuits totaling nearly $10 billion in value. For more information, please visit

About Cantor Silverstein Opportunity Zone Trust Inc.

Silverstein Properties, a full-service real estate development, investment, and management company, and Cantor Fitzgerald, L.P., a leading global financial services firm and real estate investment company, have entered into a joint venture focused on acquiring and developing real estate projects located in Opportunity Zones, as defined in the 2017 Tax Cuts and Jobs Act.

Cantor Fitzgerald and Silverstein Properties have significant collective experience across all aspects of commercial real estate including acquisition, development, asset management, underwriting, and leasing as well as financial and market analysis. This experience is critical in developing a successful Opportunity Zone strategy. The joint venture targets investments in Opportunity Zones with third-party developers, as well as large-scale projects where Silverstein Properties is the developer. Such investments may include retail, office, industrial, hospitality, and multifamily developments located in Opportunity Zones in major metropolitan markets.

Larry Silverstein began his real estate career in 1957 while Cantor Fitzgerald was founded by Bernie Cantor in 1945 and has been led by Howard Lutnick since 1996. These long-tenured leaders have worked closely together over the years as they've grown their businesses. Notably, the two firms share a historical connection to the tragic events at the World Trade Center and the two leaders played central roles in the recovery that followed. This joint venture is a natural extension of the companies' shared history, as it underscores both firms' long-standing commitment to rebuilding.