JLL Capital Markets announced that it has arranged $49.45 million in construction financing for the development of Flagstaff Elkwood, a to-be-built, 224-unit multihousing community, along with 6,000 square feet of retail space, in Flagstaff, Arizona.
JLL worked on behalf of the borrower/developer, Wexford Developments, to secure the 65 percent LTC construction loan with a commercial bank.
Anticipated for completion in late 2024, Flagstaff Elkwood will consist of four buildings and a leasing center. The four-story residential buildings will offer studio, one- and two-bedroom units averaging 938 square feet each. Units will feature stainless steel appliances, quartz countertops, wood-style flooring and in-unit washer/dryers. On-site amenities will include a 4,000-square-foot leasing office and clubhouse with lounge area, fitness center, pool and spa and grilling area. In addition, residents will have access to storage space, a package hub and nearby amphitheater.
Flagstaff Elkwood will be positioned on 13.5 acres at the NEC of E. Butler Ave. and N. 4th St. just three miles from Downtown Flagstaff and Northern Arizona University. The immediate area is highly amenitized with numerous retail, recreation and dining options and is close to Interstate 40 providing access to the greater Phoenix area.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Brad Miner and Eric Tupler.
“Flagstaff continues to be a very desirable apartment submarket with high occupancy and a very limited supply of market rate product,” Miner said. “Flagstaff Elkwood will be a welcome addition of new supply to the community, and we are happy to have played a role in moving the project forward.”
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.