Fifield Cos. is tearing down a strip mall just outside the Scottsdale city limits and replacing it with a seven-story apartment complex. The project, to be called The Residences at Scottsdale Crossing, is slated to be built on 4.3 acres at 7077 E. Bell Rd. The venture is located near the Southwest corner of North Scottsdale Road and Bell Road. Fifield first needs approval from the Phoenix City Council. If the project is okayed, the Phoenix Business Journal says Fifield plans to spend $100 million on the venture.
The development will feature 315 units, including studios, one-bedrooms, two-bedrooms and three-bedrooms. It will also have a rooftop amenity deck, a fitness and yoga studio, a spa and a resident club room. The ground floor will include three outdoor courtyard amenity spaces, a dog run and a resident walking path.
The development team includes Todd + Associates as the architects and Wood, Patel & Associates Inc. as civil engineers.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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