April 24, 2024 10:50 pm
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Phoenix affordable project lands Freddie Mac loan

By Agota Felhazi | Multi Housing News

A partnership between Trinity Housing Development and nonprofit Housing for Hope Arizona Inc. has secured a $28.8 million Freddie Mac Unfunded Forward loan to finance the construction of Mesquite Terrace Apartments, a 297-unit affordable housing development in Phoenix.

Lument provided the tax-exempt Freddie Mac loan, which features a 30-month unfunded forward commitment, 17-year term, 40-year amortization schedule and a low, fixed interest rate.

The mid-rise property will take shape at 5039 N. 19th Ave. on a 3.1-acre site. Mesquite Terrace Apartments will feature 129 one-bedroom, 78 two-bedroom and 90 three-bedroom apartments across three buildings.

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