Golden Horizons Enterprises has secured a $73.1 million bridge loan for Merrick on Camelback, a 334-unit built-to-rent community in Phoenix, Arizona. The property, formerly known as Bungalows on Camelback, was recently acquired by Golden Horizons Enterprises for $112.5 million, according to Co-Star, and subsequently rebranded as Merrick on Camelback.
The new financing was arranged by Lument, which structured the bridge loan for the investor. Arcus Real Estate Capital originated the loan, providing capital to support Golden Horizons Enterprises’ business plan for the community. The bridge loan has an initial term of three years and includes two additional one-year extension options.
Arcus Harbor maintains an exclusive correspondent relationship with Lument. Under this relationship, Arcus refers all Fannie Mae, Freddie Mac, and FHA loans it originates to Lument for underwriting, processing, and closing. Through this platform, Arcus clients can also access Lument’s balance sheet lending programs and other non-agency financing solutions.
Merrick on Camelback is a gated, build-to-rent residential community offering one-, two-, and three-bedroom floor plans. The homes are configured as single-level residences and private detached units, aligning the property with the growing built-to-rent segment of the multifamily market. Community amenities include a dog park, a dog washing station, a fitness center, and a swimming pool.
The combination of a sizable acquisition, subsequent rebranding, and structured bridge financing underscores ongoing investor interest in the Phoenix built-to-rent sector. By leveraging Lument and Arcus Real Estate Capital, Golden Horizons Enterprises has tapped into a capital stack that includes both agency-related capabilities and balance sheet lending options. The financing provides flexibility over the next several years while the owner executes its strategy for the 334-unit community.
