ACRES Capital has originated a $62 million loan to fund the construction and stabilization of Bungalows on Cotton Lane, a 336-unit rental community located at North Cotton Lane and West Orangewood Avenue in the Glendale, Arizona area, just west of Loop 303.
Bungalows on Cotton Lane will be built within the New Frontier District, Glendale’s emergent area for development which contains new industrial, office, and retail properties accommodating Glendale and the entire West Valley. The loan is provided to Cavan Companies (“Cavan”), which has successfully completed multiple single-family rental communities in Arizona.
Bungalows on Cotton Lane will feature:
• 336 single-story units
• Resort-style pool and heated spa
• Farmhouse-style clubhouse with a full kitchen
• Ftness center
• Car charging stations
• Gated entry and 859 parking spaces.
The Property will be located just west of Loop 303, which provides access to Interstates 10 and 17 and connects the West Valley and North Phoenix. It is within proximity of employment, retail and entertainment centers such as The Market at Estrella Falls, Westgate Entertainment District, Luke Air Force Base, and the sports complex that houses both the NHL’s Phoenix Coyotes and NFL’s Arizona Cardinals in separate, but adjacent, facilities.