BWE has obtained a $43.2m loan through the HUD 221(d)(4) mortgage insurance programme to finance Canyon del Rio Village, a new 170-unit apartment community in Flagstaff, Arizona, US.
This funding marks a significant investment in the city’s housing market, aiming to meet the growing demand for quality rental properties.
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The loan was originated by BWE’s senior vice-president Lilla Abegg-Swanson and executive vice-president James Swanson from the Scottsdale office.
They secured this financing on behalf of Westates Companies, highlighting the programme’s benefits such as a 40-year fully amortised, nonrecourse, and fully assumable loan structure.
Canyon del Rio Village is poised to become one of the most desirable residential destinations in Flagstaff, offering Class A market-rate apartments within the larger Canyon Del Rio mixed-use development.
Spanning 263 acres, the master-planned community will include housing, retail, office spaces, and other amenities that promote a balanced lifestyle.
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By GlobalDataThe apartment complex will boast high-end features across its 170 units, including smart home technology, energy-efficient appliances, and luxury finishes.
BWE vice-president and senior underwriter Kim Taynton said: “Canyon del Rio Village will meet the need for new multifamily housing in the growing – but underserved – area of Flagstaff, Arizona”.
Swanson added: “We’re grateful to collaborate with our client Westates Companies to secure favourable financing that will allow them to create much-needed housing in Flagstaff, Arizona.”
