Commercial Real Estate & Business News – June 18, 2020

McShane Will Build Luxury Multifamily Residence in Scottsdale
Leon Capital Group has selected McShane Construction Company to provide comprehensive construction services for Kierland Apartments, a 202-unit luxury multi-family community in north Phoenix. McShane is also underway with Soltra at SanTan Village, a 380-unit multi-family development…»
Phoenix Spec Office Project Lands $74M in Financing
Douglas Allred Co. has secured a $46 million construction loan and $27.5 million in mezzanine equity for a two-building speculative office project within its 200-acre Park Place mixed-use development in Chandler, Ariz. NorthMarq’s San Diego office facilitated the construction financing from Bank OZK as well as the…»
New Lending Landscape Doesn’t Stall AZ Multifamily Portfolio Refi
With the help of more than $91 million in Fannie Mae loans, a commercial real estate lending and investment company is working to refinance nearly 1,500 units in Tuscon, AZ. New York-based real estate lending company Greystone revealed Thursday that it has provided $91.3 million…»
Idaho Developer has Eye on Downtown Phoenix Land for Multifamily Project
Boise, Idaho-based Hawkins Cos. is in the midst of rezoning a downtown Phoenix parcel that will pay tribute to Lincoln Ragsdale, a prominent Phoenix civil rights leader and previous owner of the site. Plans call for building a five-story multifamily property with ground floor retail at the northwest corner of Washington…»
As Young Renters Move Back Home, Lost Rent Could Have Ripple Effect
Millions of young adults who moved back with their parents this year could lead to an estimated $726 million in lost rent, according to a Zillow analysis, which noted that the ripple effects “could have far-reaching consequences for the housing market.” Amid high U.S. unemployment in the coronavirus…»