StarPoint Properties has received a $52 million construction loan for Lotus Point, a 245-unit multifamily community in Mesa, Ariz. JLL Capital Markets brokered the transaction and secured the financing through a debt fund, working on behalf of the borrower.
StarPoint acquired the site, which was already approved for multifamily development, in 2021. The firm broke ground on the approximately $40 million project last year.
Upon its expected completion in late 2024/early 2025, the four-story building will incorporate studios, one- and two-bedroom floorplans. Amenities are set to include a swimming pool, a fitness center, a clubhouse, co-working spaces and more than 360 parking spaces.
The community is coming online on a 6-acre site at 139 N. Dobson Road, near the intersection of state routes 101 and 202, which provide easy access across Greater Phoenix. The surrounding area has many dining options and retail centers, as well as a Metro Phoenix light rail stop. Mesa Community College, Arizona State University and Mesa Amphitheatre are within a 4-mile radius.
Senior Managing Director Jeff Sause, Director Wyatt Strahan and Associate Elle Miraglia led the Debt Advisory team which represented StarPoint.
