The Dinerstein Cos. and PCCP have landed a $85.1 million construction loan to back the construction of a Phoenix area property. Affinius Capital, along with Simmons Bank, originated the loan for the Atlas Mesa project in Mesa, Ariz.
The joint venture broke ground on Atlas Mesa in July, with plans for initial occupancy in the first quarter of 2025 and final completion in late 2025. Once completed, the apartment community will have 394 units across four four-story buildings. Floorplans will include studio apartments, as well as one-, two- and three-bedroom residences ranging from 562 to 1,394 square feet. The developers are planning to build a separate amenity facility that includes a fitness center, pet spa, bike room and clubroom. A pool, outdoor kitchen and cabanas will be centrally located.
Located on a nearly 10-acre site on the northwest corner of East Baseline Road and South Sunview, residents will be across the street from A.T. Still University and a short distance from the Banner Gateway Medical Center. The community’s location puts it approximately 10 miles from downtown Mesa and 25 miles from downtown Phoenix.
Multiple multifamily brands
Including Atlas Mesa, The Dinerstein Cos. has been building out its Atlas multifamily brand after launching it in January. The company kicked off the Atlas brand with two projects in Kissimmee, Fla., called Atlas at The Loop and Atlas Ballpark, which will deliver 664 units when completed in 2024. The Dinerstein Cos. has since added another Atlas-branded multifamily project in Kissimmee called Atlas Grand Palms.
Since the start of the year, the company has expanded the Atlas brand to include residential projects in Texas, North Carolina, Colorado and California. Along with Atlas Mesa, Dinerstein Cos. is also working on Atlas Canyon Trails in Goodyear, Ariz. The Dinerstein Cos. still has other multifamily brands, including its Aspire brand, which includes the Aspire Park Central in Phoenix and the 383-unit Aspire Post Oak in Houston.
