$30M construction loan secured for build-to-rent community in Phoenix
JLL Capital Markets led the financing efforts for Villas Litchfield Park, a 153-unit community under construction
PHOENIX, Dec. 6, 2022 – JLL Capital Markets announced today that it has arranged a $30 million construction loan for Villas Litchfield Park, a 153-unit, build-to-rent community in Phoenix, Arizona.
JLL worked on behalf of the borrower, a joint venture between Blue Vista Capital Management and Family Development, to secure the three-and-a-half-year loan through Old National Bank.
Upon completion, Villas Litchfield Park will offer one- and two-bedroom, free-standing, single-story units that offer the privacy of a single-family home with the luxurious community amenities of an apartment complex. All units will feature simulated wood flooring, quartz countertops, stainless steel appliances, in-unit washer/dryers and private backyards. Luxury amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge area and grill area.
Villas Litchfield Park is located in a dense infill location in Phoenix’s West Valley, an affluent area poised for further growth. The property is surrounded by a plentiful amenity base, including numerous dining and entertainment options as well as recreational sites. In addition, Villas Litchfield Park has convenient access to downtown Phoenix via Interstate 10 and Highway 303.
JLL’s Capital Markets team representing the borrower was led by Senior Director Brian Walsh, Senior Managing Director Brad Miner and Analyst Dave Hunter.
JLL’s 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 and sales 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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Blue Vista Capital Management
Blue Vista offers investors well-conceived, efficiently executed real estate investment strategies to meet their performance objectives. Its professionals utilize rigorous, research-driven processes to identify opportunities and support value creation, with the goal of achieving the best possible results for its investors and operating partners. To learn more, please visit: bluevistallc.com.
About Family Development
Since its formation in 2003, Family Development has earned an excellent reputation as being the preferred residential homebuilder in California, Arizona and now, Texas. Throughout its history, the company has built thousands of homes in some of the most desirable communities while developing land for many more residences in these states. In addition to this activity, over the years, Family Development has garnered numerous industry accolades awarded by the Sales & Marketing Council (SMC), the Building Industry Association (BIA), the Desert Contractors' Association (DCA) and the Association of Fundraising Professionals (AFP).