Loan secured for Flag multi-housing development

By Real Estate Daily News

PHOENIX, ARIZONA – JLL Capital Markets announced today that it has arranged $49.45 million in construction financing for the development of Flagstaff Elkwood, a to-be-built, 224-unit multi-housing community, along with 6,000 square feet of retail space, in Flagstaff, Arizona.

JLL worked on behalf of the borrower/developer, Wexford Developments, to secure the 65% LTC construction loan with a commercial bank.

Anticipated for completion in late 2024, Flagstaff Elkwood will consist of four buildings and a leasing center. The four-story residential buildings will offer studio, one- and two-bedroom units averaging 938 square feet each. Units will feature stainless steel appliances, quartz countertops, wood-style flooring and in-unit washer/dryers. On-site amenities will include a 4,000-square-foot leasing office and clubhouse with lounge area, fitness center, pool and spa and grilling area. In addition, residents will have access to storage space, a package hub and nearby amphitheater.

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