BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $43,237,400 HUD 221(d)(4) loan to finance the development of Canyon del Rio Village, a 170-unit, Class A market-rate apartment community in Flagstaff, Arizona.
Lilla Abegg-Swanson, Senior Vice President and James Swanson, Executive Vice President from BWE’s Scottsdale office, originated the financing through the US Department of Housing and Urban Development’s 221(d)(4) Mortgage Insurance Program on behalf of the borrower, Westates Companies. The HUD-insured financing provides for a combined construction and permanent loan for Market Rate multifamily projects. This 40-year fully amortized loan is non-recourse and fully assumable.
“We’re grateful to collaborate with our client Westates Companies to secure favorable financing that will allow them to create much-needed housing in Flagstaff, Arizona,” said Lilla Swanson.
“Canyon del Rio Village will meet the need for new multifamily housing in the growing – but underserved – area of Flagstaff, Arizona” stated Kim Taynton, Vice President, and Senior Underwriter.
“Working alongside the Westates Companies team has proven that dedication, perseverance, and hard work pays off. Westates Companies has decades of continuous success because of a team with extensive experience within all aspects of development.” said Jim Swanson, Executive Vice President BWE.
Located at a prime central location in Flagstaff, Arizona, Canyon Del Rio Village will provide 170-units of Class A rental housing that will be part of a larger 263-acre mixed use development known as Canyon Del Rio.
Canyon Del Rio Village will be one of Flagstaff’s best located and sought-after apartment communities. The units will be well-appointed with features such as nine-foot ceilings, smart locks, smart thermostats, ceiling height kitchen cabinets, built-in closet organizers that increase storage and shelf space by more than 200% from standard offerings, high quality luxury vinyl plank flooring with carpeted bedrooms, quartz counters, and stainless steel and Energy Star rated appliances including in-unit washers and dryers.
The 160 “flats” will have one covered parking space while the 10 townhome units will each have their own attached two-car garage. Amenities feature a clubhouse with fitness center, a children’s play area, walking trails, fire pits and pool. The 3- and 4-story buildings will be elevator-served, a highly desirable building amenity in Flagstaff.
BWE stands as a national, full-service commercial and multifamily mortgage banking company committed to elevating real estate financing. Putting clients’ goals first, our experienced and trusted advisors offer comprehensive capital solutions by combining enduring debt and equity relationships with unparalleled local market insights across our 40+ offices and national servicing platform.
