Harbor Group International provided a $64 million senior loan to a joint venture between Greystar Development (“Greystar”) and Crown Realty Group (“Crown”) for Sunela, a newly built multifamily property in Phoenix, Arizona.
“We’re pleased to support Greystar and Crown with this bridge loan to cover the remaining lease-up period,” said HGI’s Richard Litton. “With stabilization anticipated in late 2025, we look forward to enabling the lease up and supporting their transition to permanent financing.”
The property is located within Desert Ridge, near the $2.75 billion Mayo Clinic expansion, Arizona State University’s 26-acre medical campus and two of Arizona’s ten Fortune 500 corporate headquarters, Republic Services and Sprouts Farmers Market.
Sunela features 272 units, a mix of studio, one-bedroom, and two-bedroom units, with 230,222 rentable square feet. Community amenities include a fitness center, clubhouse café, pool deck, coworking spaces, and fire pits.
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