ORIX USA’s Real Estate Capital Group announced the closing of a $42.3 million senior construction loan that will be used for an 80% complete 211-unit, 3 & 4 story multifamily housing project in Suburban Phoenix, Arizona.
The property amenities will include a clubhouse, swimming pool, spa/hot tub, garages, carports, dog run, elevator (only in the 4-story building), and fitness room. The unit amenities will include a stainless-steel appliance package, solid surface countertops, vinyl plank flooring, in-unit washer/dryer, and a private patio/balcony.
“This marks ORECG’s second closing with this Sponsorship Group and our 20th loan in Arizona. ORECG was able to close this opportunity as a construction completion loan as the property was 80% completed at the time of closing. We were able to structure this construction to bridge loan with a rate reduction post construction completion,” said Adam Diamond, Managing Director and Originator, ORIX USA Real Estate Capital.
ORIX USA’s Real Estate Capital group is a proprietary commercial real estate lending business, delivering customized financing for a full range of property types in primary and secondary metropolitan markets in the U.S. and Canada. Loans made or arranged in California are pursuant to a California Financing Law license.
Since inception, the Real Estate Capital group has successfully invested over $4 Billion of balance sheet capital. For over 20 years the Real Estate Capital group has been reliably financing commercial real estate through a range of market cycles.
The Real Estate Capital group is comprised of seasoned specialists transacting on a full range of property types. The group specializes in construction, bridge, mezzanine, and preferred equity opportunities and has fully dedicated origination, underwriting, closing, and servicing teams, ensuring that clients’ needs are met with timely execution.