CBRE secures $66 million bridge loan for Bella Encanta, a 212-unit build-to-rent community in Mesa, Arizona. With over half of the units already leased and occupied, this property has seen rapid success since its completion in November 2023. The non-recourse loan offers full-term interest-only payments and covers 65% of the project’s cost with a 24-month term and three extension options. MF1 Capital facilitated the financing on behalf of Bela Flor Communities who have built nearly one thousand units in the Valley over the past five years.
Bella Encanta is situated at 9745 Hampton Avenue on a sprawling 31-acre lot offering two-, three-, four- and five-bedroom floor plans. Residents enjoy direct access to two-car garages as well as amenities such as an outdoor pool and spa, pickleball courts, fitness center, and dog parks.
The build-to-rent sector has experienced significant growth throughout Arizona’s Valley region in recent years. According to CBRE research analysis dating back to 2018 alone there have been more than ten thousand new BTR units delivered by developers across Arizona.
This news was originally published by Connect CRE.
