Dealmaker: Stonehill Provides $52M Construction Loan for Phoenix-Area Multifamily

(Rendering courtesy Stonehill)

Stonehill’s commercial real estate group, Stonehill CRE, Atlanta, announced a $52 million senior loan facility to Starpoint Properties for a multifamily site in Mesa, Ariz., near Phoenix.

The property, Lotus Point Apartments, will have 245 units, with an estimated completion in the first quarter of 2025.

“Phoenix remains one of the nation’s best-performing markets for job growth thanks to a diversified employment base across a broad range of industries,” said Taylor Pike, Senior Vice President with Stonehill CRE. “Despite strong demographics, single-family-for-sale development has not kept pace. Coupled with the rapid rise in mortgage rates, well-located multifamily projects will remain in high demand.”