08/12/2022 - Jones Lang LaSalle Inc.: $30M construction loan secured for build-to-rent community in Phoenix

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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