Bela Flor Lands $116M Refi for 3-Property BTR Portfolio

Bela Flor Lands $116M Refi for 3-Property BTR Portfolio
News| September 4, 2025| Mike Boyd
Phoenix & Southwest + Apartment Buildings

CBRE has secured $116 million in pre-stabilized bridge financing for three recently delivered built-to-rent properties in the greater Phoenix metro area owned by Bela Flor.  

Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo, and Shaun Moothart with CBRE Capital Markets’ Debt and Structured Finance secured an initial two-year, floating-rate term featuring full-term interest-only, with three extension options on behalf of the owner. The lender was MF1 Capital.

The portfolio includes Bella Olivia, 112 units located in Peoria, AZ; Woodcrest at Power Ranch, 120 units located in Gilbert, AZ; and Honeycutt Run, 209 units located in Maricopa, AZ. The properties were each built in 2025 and are all currently in lease-up. Honeycutt Run (photo) was delivering its final certificates of occupancy at the time of the refinance. All three properties feature a resort-style pool, clubhouse, fitness center and attached one—and two-car garages.

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