Commercial Real Estate & Business News – April 7, 2014

Money Pours into Mezzanine Loans

Debt funds are gathering cash to invest in commercial and multifamily properties, offering mortgages that range from mezzanine loans to senior financing to assets in transition. “They have many arrows in their quiver,” says David Cardwell, of the National Multi Housing Council (NMHC). Debt funds have benefited from the flood of money pouring into real estate. In 2013, 21 real estate debt funds reached a final close, raising a total of $10.7 billion… Read more

After Two Year Hold, Camelback Arboleda Sold for $24.9m

Westport Capital Partners has closed its second disposition of a major opportunistic investment in the Phoenix market with its sale of the Camelback Arboleda on Thursday for $24.9m. or $139.27 per square foot. The buyer, EBF & Associates – a privately held registered investment advisor specializing in alternative investments – paid cash for the property… Read more

State-Owned Land Primed for Development in Pinal County

Southeast of Apache Junction, a sprawling expanse of desert wilderness lies waiting to be claimed. Except for cattle and desert-dwelling wildlife, the 275 square miles of state-trust land is virtually uninhabited. Developers have leapfrogged the vast tract and built farther south in Pinal County… Read more

Momentum Builds for Scottsdale McDowell Road Rebirth

Members of Scottsdale City Council say the local governing board’s No. 1 priority is to help — in any way possible — the cultivation of the revitalization of the McDowell Road Corridor. Scottsdale City Council discussed the topic at length during a two-hour April 1 work session discussion meant to clearly identify council priorities and to show tangible efforts to attain those goals… Read more

Church and Apartments Set for Final Approval in Scottsdale Airpark

A mix of unique uses is in front of the Scottsdale City Council April 8. Impact Church is proposing to redevelop the 12 acre former Cardinale Way Buick Pontiac GMC dealership site with a 70KSF church, 311 unit, four-story apartment complex and six-level parking structure. The project is the first to be approved in the city’s new Planned Commerce Park zoning district… Read more