Joint venture lands construction loan for West Valley BTR

By Real Estate Daily News

PHOENIX, Dec. 7, 2022 – JLL Capital Markets announced today that it has arranged a $30 million construction loan for Villas Litchfield Park, a 153-unit, build-to-rent community in Phoenix, Arizona.

JLL worked on behalf of the borrower, a joint venture between Blue Vista Capital Management and Family Development, to secure the three-and-a-half-year loan through Old National Bank.

Upon completion, Villas Litchfield Park will offer one- and two-bedroom, free-standing, single-story units that offer the privacy of a single-family home with the luxurious community amenities of an apartment complex. All units will feature simulated wood flooring, quartz countertops, stainless steel appliances, in-unit washer/dryers and private backyards. Luxury amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge area and grill area.

Villas Litchfield Park is located in a dense infill location in Phoenix’s West Valley, an affluent area poised for further growth. The property is surrounded by a plentiful amenity base, including numerous dining and entertainment options as well as recreational sites. In addition, Villas Litchfield Park has convenient access to downtown Phoenix via Interstate 10 and Highway 303.

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