Bela Flor Communities has obtained a $66 million bridge loan for Bella Encanta, a 212-unit build-to-rent (BTR) community located in Mesa, Arizona. Over half of the units are leased and occupied at the property, which recently completed construction in November 2023.
Bella Encanta is highly amenitized, with direct access to two-car garages, an outdoor pool and spa, pickleball courts, a fitness center and two dog parks.
Bruce Francis, Doug Birrell, Bob Ybarra, Shaun Moothart, Nick Santangelo and Jim Korinek with CBRE Capital Markets’ Debt and Structured Finance team secured a non-recourse, full-term interest-only, 65% loan-to-cost, 24-month term loan with three extension options, with MF1 Capital, a U.S.-based real estate lending firm. Michael Squires, Jake Goldstein and Phil Pesant from MF1 Capital led the negotiations for the lending firm.
“With an average unit size of 1.9k sf, this project offers larger floor plans and superior amenities,” noted Birrell. “This combination provides prospective residents the best of both worlds of the amenities typically found in Class A multifamily communities alongside the comforts and privacy typically found in single-family communities.”
The BTR sector has boomed in recent years across the Valley. According to research analyzed by CBRE, since 2018, developers have delivered more than 10,000 build-to-rent units in Arizona.
