JLL Capital Markets announced today that it has arranged $52 million in construction financing for Dobson Station, a 245-unit multihousing development set to deliver in 2024 in Mesa, Arizona.
JLL worked on behalf of the borrower, StarPoint Properties, to secure the construction financing for the project through a debt fund.
Upon completion, Dobson Station will be a four-story, Class A multihousing asset comprised of studio, one- and two-bedroom units. Planned amenities include a fitness center, clubhouse, coworking facility and group kitchen. On-site parking will consist of a mix of tuck-under and grade-level parking.
Dobson Station is located at 139 North Dobson Rd., directly adjacent to a Safeway grocery store and within immediate proximity to Tempe Marketplace. The transit-oriented property is walkable to the Metro Phoenix light rail stop with access to Downtown Mesa, Arizona State University, Phoenix Sky Harbor Airport and Downtown Phoenix. Additionally, Dobson Station is close to State Route 101 and 202 providing vehicular access to the greater Phoenix metropolitan area.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jeff Sause, Director Wyatt Strahan and Associate Elle Miraglia.
“StarPoint is pleased to commence construction on this transformative, transit-oriented project. The City of Mesa has been great to work with and supports an ideal mix of new jobs and housing. We are further blessed to have the support of our lender, and a strong JLL team who helped drive this home,” said Sandy Schmid, Director of Acquisitions and Development at StarPoint Properties.
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.
