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**Bela Flor Secures $116M Refinance for Three Built-to-Rent Properties in Greater Phoenix**
CBRE has arranged $116 million in pre-stabilized bridge financing for three newly developed built-to-rent (BTR) communities in the greater Phoenix metropolitan area. The properties are owned by Bela Flor Communities.
The financing was secured by Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo, and Shaun Moothart of CBRE Capital Markets’ Debt and Structured Finance group. The agreement features a two-year, interest-only, floating-rate term with three extension options. MF1 Capital provided the financing.
The portfolio consists of the following communities:
– **Bella Olivia**: 112 units located in Peoria, Arizona
– **Woodcrest at Power Ranch**: 120 units located in Gilbert, Arizona
– **Honeycutt Run**: 209 units located in Maricopa, Arizona
Each of the properties was completed in 2025 and is currently in the lease-up phase. At the time of the refinancing, Honeycutt Run was delivering its final certificates of occupancy. All three communities offer resort-style amenities including a pool, clubhouse, fitness center, and one- and two-car attached garages.
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