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Dwight Capital Funds $ 55 Million HUD Construction Loan on Arizona Rental Complex – Commercial Observer

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New York based alternative lender Capital Dwight provided just over $ 55.1 million in HUD construction debt financing to a joint venture between Housing Trust Group (HTG) and Treger partners to build Aviva goodyear, a 288-unit apartment complex in Goodyear, Arizona.

The US Department of Housing and Urban Development The HUD-backed construction loan goes to Miami-based HTG and the $ 71 million Treger project, based in Scottsdale, Ariz., Which will be HTG’s second “Aviva” brand property – the first was built in Mesa, Arizona. HTG is one of the largest developers of affordable housing in the country.

It will be erected on a 16 acre site at 4175 Faucon Avenue North and will include a mix of 11 two- and three-story buildings as well as a clubhouse, according to Dwight. In total, the physical buildings themselves will span nearly 333,500 square feet, according to Treger’s website.

Construction of the gated community is expected to be completed in the summer of 2022, with the first wave of residences coming to market in September of next year, according to a recent AZ Big Media development report. The project will include a wide range of fitness and leisure equipment, including two swimming pools, a fitness center with a boxing hall and a yoga and spin studio, a dog park, a golf course. dog agility, a basketball court and a children’s play area, as well as by information from Dwight. There will also be several courtyards throughout the development, and it will offer self-storage compartments for its tenants as well as 43 parking garages and several carports and four charging stations for electric cars.

Aviva Goodyear – designed by Eric Miller Architects – will offer one, two and three bedroom residences, according to Treger’s website, which lists the site’s name of approximately 692,600 square feet as “Harmony at Goodyear.” The number of units will be 104 one-bedroom units, 168 two-bedroom units and 16 three-bedroom units, according to Treger, and the firm also says on its website that the property will have nearly 13,000 square feet of space. retail space.

The property is a few blocks from the local Millennium High School and Western Sky College as well as a large park, golf course, and a range of shopping and dining options, including a Walmart, a Safeway supermarket and a Walgreens.

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