PHOENIX--(BUSINESS WIRE)--Visiquest Properties, a real estate investment and development company, and Paragon Mortgage are pleased to announce the recent closing on an $18.6M FHA/HUD 221(d)(4) Multi-Family new construction loan for 59 EVERGREEN APARTMENTS in Glendale, AZ.
In 2018, Visiquest Properties bought the land, amended the plat to consolidate the 70 vacant lots into a single lot. With the lots came majority control of the HOA and the common area tracts. This created a clean slate allowing the R-4 zoned land to be developed into 96 two-story garden apartments.
Paragon Mortgage arranged a HUD 221(d)(4) loan providing a combination of construction and permanent financing for market rate multi-family; 40-year fully amortizing 85% loan to cost; fully assumable, non-recourse. Paragon was able to rate lock at 3.20% for 40-years. This HUD loan was available to Visiquest due to its prior successful HUD experience.
“I have such enormous respect and gratitude for Jim Swanson, President of Paragon Mortgage and his entire team. It is because of their continued efforts, confidence and faith that we were successful in getting this 3-year project across the finish line,” said Joel Broder, CEO of Visiquest Properties, LLC.
This 6.5-acre Property platted for 70-townhome lots was partially developed in 1973. Potential developers came and went. The lots sat vacant. The property became an eyesore. And even the pool was eventually abandoned.
The community gets its name from the historic street it is located on - “Evergreen” which is apropos considering the rebirth and rejuvenation of the Property and its National Green Building Standard (NGBS) Bronze credentials. The 20 existing townhomes (circa 1973) along 59th Ave are part of the plat, but not part of the Property. Plans include remodeling the townhome exteriors and all the common areas to blend with the new project including a new pool, resident center, fencing, landscaping, pet park and monument signage.
Location: |
|
8450 N. 59th Ave (59th Ave and Evergreen Road) in Glendale, AZ |
|
|
|
½ mile south of Glendale Community College |
|
|
|
|
|
Size: |
|
96 units (196-beds) on approximately 6.5-gross acres |
|
|
|
|
|
Description: |
|
2-story walk-up garden apartments developed for Essential Workers including part and fulltime students; furnished units available |
|
|
|
|
|
Unit mix: |
|
7 buildings consisting of 5 floor plans with 1, 2 and 3 bedrooms |
|
|
|
|
|
Construction start date: |
|
May 20, 2021 |
|
|
|
|
|
General Contractor: |
|
Pono Construction, LLC |
|
|
|
|
|
Loan Amount: |
|
$18.6M |
|
|
|
|
|
City Participation: |
|
Development Agreement incentives, street abandonment, grandfathered low impact fees. |
|
|
|
|
|
Project Features: |
|
Apartments |
Community |
|
|
|
|
Go to www.59Butler.com for more background detail and all the plans. |
|||
|
|
|
|
Neighborhood Features: |
|
1.5-miles to historic downtown Glendale. Within 2-mile radius from Walmart, Fry’s, Home Depot, Lowes, LA Fitness, EOS Fitness, Walgreen’s, CVS, Dignity Health ER, Saguaro Park, Public Library, Glendale High, and ½ mile to Glendale Community College. Equidistant from I-17 and Loop 101. |
|
About Visiquest Properties
Visiquest Properties concentrates on infill multifamily, retail and land development opportunities in metro-Phoenix. Visiquest CEO Joel Broder is a graduate of Arizona State University (B.S. Real Estate and MBA) and has been in commercial real estate development since 1982. For more information about Visiquest and Joel Broder’s business and personal philosophy, please see www.visiquest.us.
About Paragon Mortgage
Paragon Mortgage Corporation is a FHA, HUD MAP and LEAN approved mortgage lender solely focused on HUD-insured financing for over 34-years. Headquartered in Phoenix, Arizona, Paragon Mortgage is known for its highly experienced staff representing decades of originating, underwriting and processing of HUD/FHA loans. This experience combined with Paragon's long standing reputation within the industry and relationships within the development community has resulted in the closing of over $3B in FHA insured loans. Paragon Mortgage specializes in FHA Insurance loans for a variety of project types – Multi-Family Refinancing, Acquisition, New Construction, Substantial Rehabilitation in addition to Senior Housing and Healthcare. For more information, visit: www.paragon-mortgage.com.
