NexMetro Communities Secures Construction Financing for Two New Projects
The developer closed on two mezzanine construction loans totaling $24.3 million for projects in Denver and Phoenix.
The two projects are innovative for-rent communities that serve as a hybrid between conventional garden-style apartments and amenitized single-family homes. Located in Peoria, Arizona, within metro Phoenix’s West Valley submarket, Avilla Lago is a gated community totaling 120 modern and stylish units with one-, two- and three-bedroom single-family rental home plans. Avilla Eastlake is located in Thornton, Colorado, and totals 244 equally styled single-family rental units, with one-, two- and three-bedroom home plans ranging from 638 to 1,289 square feet.
EverWest Real Estate Investors placed the funding on behalf of the borrower.