The Village at Lakewood
The Maricopa County IDA completed the financing for The Village at Lakewood, a 240-unit Class B community in Phoenix.
The TH Real Estate received $40 million in financing from Maricopa County Industrial Development Authority. The financing was issued in two series: The first series of $32 million bears interest at 5.4 percent, while the remaining $8 million has a 6.4 percent coupon rate. Both series mature in December 2058. Part of the funding will be used to renovate and update the asset, per the terms of the loan agreement.
Located at 15815 S. Lakewood Parkway W. in the Mountain Park submarket, the community’s 14 buildings are positioned near Interstate 10, less than 20 miles south of downtown. The nearby Chandler Boulevard retail corridor offers shopping and dining options, while the Valley Metro operates a bus route in the vicinity.