PCCP Provides $51.8M Refi of Gilbert 236-Unit Multifamily Community
PCCP has provided a $51.8 million senior loan to a joint venture between Phoenix Capital Management and P.B. Bell for the refinance of Everly at Morrison Ranch, located at 4353 E. Elliot Road in Gilbert. Built in 2025, the 236-unit Class A garden-style multifamily community is 97% leased and is within Morrison Ranch, a master-planned neighborhood in Gilbert.
Everly Morrison Ranch includes 36 two-story buildings with an average unit size of 986 square feet. The unit mix includes one-bedroom (31%), two-bedroom (57%), and three-bedroom (12%) floor plans. Outdoor amenities will feature a pool and spa with poolside cabanas, a ramada, barbecue grills, swinging sofa beds, a dog park, gaming areas featuring cornhole, horseshoe and giant chess and a neighborhood-themed tot lot.
Indoor amenities include a 24-hour Bulk Up Barn fitness center, dog spa, and clubhouse featuring private work and conference spaces, gaming and entertainment, including a Golden Tee golf simulator and Buck Hunter gaming system, as well as foosball and shuffleboard.
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JLL Arranges Financing for Lightstone Acquisition on Upper West Side
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
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National City Investment Group Commences Workforce Housing Build
The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
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Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets
Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout