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TALOS HOLDINGS LANDS $85M FOR PHOENIX-AREA PROJECT
By Radu Corfus
Northmarq secured the financing package, which exceeded an 80 percent loan-to-cost ratio.
Talos Holdings has received $85.1 million in construction financing for The ONE at Mountain Vista, a 345-unit multifamily project in Mesa, Ariz. Northmarq secured the capital stack, which exceeded an 80 percent loan-to-cost ratio.
The financing includes a $59.2 million senior construction loan with a life insurance company and $26 million in preferred equity from a real estate private equity firm.
The community is slated to include studio to three-bedroom floorplans, with an average unit size of 875 square feet. Common-area amenities will encompass a swimming pool, a dog park and a fitness center, as well as open courtyards and a sky lounge. Residents will also have access to a valet trash service and smart phone-controlled gated entrance.
Located at 10635 East Hampton Ave., the roughly 11-acre site is close to the intersection of Signal Butte Road and Hampton Avenue and less than a mile from Mountain Vista Medical Center. The community will be in the proximity of Freeway 60, placing it 32 miles from downtown Phoenix and 11 miles from the Phoenix-Mesa Gateway Airport.
The Northmarq team securing the financing included Senior Vice President Brandon Harrington and Vice President Tyler Woodard. During 2022, the same duo was involved in multiple deals in metro Phoenix. In October, they arranged a $33 million construction loan for another project in the area.
