Medistar JV secures construction loan for Phoenix project

By Gail Kalinoski | Multi-Housing News

Central Station. Image courtesy of Gould Evans

Medistar Corp., GMH Communities and a fund sponsored by CBRE Investment Management have received a $204 million construction loan from CIM Group to finance development of Central Station, a 1 million square-foot mixed-use project and transportation hub in downtown Phoenix that will feature residential apartments and student housing along with office and retail space. Details on the loan, secured through a CIM-managed fund, were not disclosed.

Central Station, which is adjacent to and seamlessly integrates with an existing bus and light-rail transit center, is a public-private partnership with the city of Phoenix. The development partners broke ground on the project in April. Completion is slated for 2024.

The project is located at 300 N. Central Ave. at Van Buren Street and is adjacent to Arizona State University’s downtown Phoenix campus. It is also next to Civic Space Park and within a short distance to major employment centers, the Metro Light Rail and Sky Harbor International Airport.

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