Cohen Financial has secured $75 million in construction financing for two Class A
The two properties are both located in the Phoenix metropolitan area called Liv North Scottsdale and Liv Ahwatukee.
Liv North Scottsdale, a mixed-use development that consists of 240 units across four four-story buildings, has already begun construction. Meanwhile, Liv Ahwatukee is expected to break ground at some point in the second quarter of 2013 and will feature 402 garden-style apartments with a unique suite of amenities that focus on interaction, technology, wellness and sustainability.
Mark Strauss, Robert Lindner and John Carrick, managing directors at the Irvine, Calif.-based real estate capital services firm, secured both construction loans of $34.5 million for Liv North Scottsdale and $40.2 million for Liv Ahwatukee.
The borrower is Investment Property Associates LLC, a multifamily developer and manager.
“Both transactions attracted extremely aggressive lender competition due to the exceptional locations and quality of sponsorship,” Strauss said.
“Liv North Scottsdale’s unrivaled location next to Scottsdale Quarter will position it for quick occupancy. Liv Ahwatukee is located close to many high-tech employers in the market and is being developed on the only remaining entitled multifamily site in Ahwatukee.”
