ACRES originated an approximately $28 million loan to fund the construction and stabilization of Bungalows on Bowlin, a 196-unit, single-story rental community located at Bowlin Road and John Wayne Parkway in Maricopa, Arizona. The loan is provided to sponsor Cavan Companies.
Bungalows on Bowlin will feature the following:
Once completed, the 16-acre property will be one of the only single-story rental communities in the Maricopa submarket, offering residents seeking to live within the Phoenix MSA a competitive alternative to home buying or renting in more expensive suburbs of Phoenix. The sponsor selected ACRES for its flexible financing solution and efficiency in execution.
Maricopa’s population has increased over 5,000 percent since 2000. The Phoenix MSA is attractive to businesses, and has grown its prominence as a finance and insurance hub fueled by companies. The property will be located just west of John Wayne Parkway with easy access to Interstates 8 and 10. It sits within proximity to Maricopa Elementary School and Maricopa High School, both less than half a mile away. The loan was arranged by Jeremy Korer of Cushman & Wakefield.