ORIX USA’s Real Estate Capital Group announced the closing of a $24.7 million construction loan that will be used to build a 112-unit Build-To-Rent (“BTR”) multifamily housing project in Prescott Valley, Arizona.
The property amenities will include a farmhouse-style clubhouse, pet park, barbecue and picnic areas, property-wide WiFi, and covered parking. Unit amenities will include 10’ ceilings, stainless steel appliances, stone countertops, vinyl plank flooring, in-unit washers and dryers, LED lighting, a smart-home technology package, walk-in closets, ceiling fans in living rooms and bedrooms, and a private patio/balcony.
“The BTR multifamily market is growing in the US as a result of the shortage of housing supply, and the interest rate environment being prohibitive for home buyers,” said Adam Diamond, Managing Director, ORIX USA Real Estate Capital. “This was a great opportunity to finance multifamily housing in an area that has a large retail and commercial hub.”
ORIX USA’s Real Estate Capital Group is a proprietary commercial real estate lending business, delivering customized financing for a full range of property types in primary and secondary metropolitan markets in the U.S. and Canada. Loans made or arranged in California are pursuant to a California Financing Law license.