By: Daniel Benson; Belfiore Real Estate Consulting
Porchlight Homes (Scott Peterson, President) recently closed on a site, located near Greenfield Road and Southern Avenue, which has received preliminary plat approval for 17 single-family detached lots. According to submittals to the Mesa Planning and Zoning Commission, the site is being marketed as Leawood and the lots are a typical dimension of 77’x117’. The preliminary plat was approved by the Mesa Planning and Zoning Commission at its January 15, 2014 meeting.
According to public record (click here to view the affidavit), the deal closed February 14, 2014 for $825,000 ($48,529 per lot / $450 per front foot). Recorded documents also show Porchlight obtained a $1,302,000 land loan and a $2,500,000 revolving line of credit from Meridian Bank (click here to view the deed of trust). Porchlight also took out a deed of trust with Noriega Holdings INC (click here to view the deed of trust) for $316,000 (this DOT is in a secondary position to Meridian).
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