McBride Cohen Co., Cantor Fitzgerald and Silverstein Properties have closed on a $233 million construction loan for the development of the first phase of South Pier at Tempe Town Lake, a large mixed-use master-planned development in Tempe. The three towers in this initial phase will rise 22-, 23- and 24-stories high, featuring one-, two- and three bedroom apartments as well as retail space. Resident amenities include fitness centers, swimming pools and spas with completion expected by spring 2026.
The project is divided into seven phases bringing 18 buildings online which are estimated to cost $1.8 billion over 8 to 12 years time frame according to Commercial Edge data. These additions include thousands of residential units along with two hotels, an observation wheel plus more than 600,000 square feet of office space within a multi acre entertainment district . Funding for this venture came from Banco Inbursa & Pearlmark sources respectively .
The post Secure $233M Construction Loan for Tempe Town Lake Project – JV Construction appeared first on CRE MarketBeat.
