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 feature 245 units, with an estimated completion in the first quarter of 2025.

“This investment mirrors the precise kind of strategy we actively seek–a great property with a sophisticated sponsor in a high-growth market,” said Taylor Pike, Senior Vice President, Stonehill CRE.

“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. 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,” Pike continued.