Housing Trust Group Goes Ahead With Mesa Apartments
Lenders are a little more leery about multifamily construction loans now than only a short time ago, but Florida-based Housing Trust Group recently got the cash it needs — a $47.1M HUD 221(d)(4) construction loan to build Aviva, a project in Mesa. The development, at 8350 East Baseline Road, has a total development cost of $63M and will consist of 325 one-, two- and three-bedroom units in a gated, garden-style community.
Construction recently commenced, with a scheduled opening in Q3 2018. Aviva was designed by local architecture firm Biltform Architecture Group and will be certified to the National Green Building Standard. Walker & Dunlop facilitated the loan.