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Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix Secures $62 Million Construction Loan for New 336-unit Built-to-Rent Project in Glendale, AZ

3/12/2021
GLENDALE, Ariz, March 10, 2021 – Cushman & Wakefield announced the firm has arranged the $62 million construction financing for Bungalows on Cotton Lane, a new 336-unit single-story, built-to-rent community situated on 35.34 net acres in Glendale, Arizona.

Bungalows on Cotton Lane

The loan was provided to Cavan Companies (“Cavan”), the developer, and was originated by ACRES Capital.

Jeremy Korer and Kristian Brown with Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix represented the developer in the transaction.

“Bungalows on Cotton Lane will provide a wonderful Class A horizontal rental opportunity for residents of Glendale and Phoenix Metro market seeking a modern stand-alone home with all the amenity perks found in a more luxury multifamily environment, along with maintenance-free living,” said Jeremy Korer, Senior Director. “The Bungalows are a unique and flexible housing product that meet the demand of new rental market trends — boasting higher rent and higher retention.”

Korer, who has already closed nine finance transactions in the built-to-rent space in the Phoenix market, added, “The built-to-rent trend is a fairly new product type but that has exploded the past few years. We are seeing increasing demand from renters as well as investors, developers and lenders wanting to get into this space in Phoenix as well as other parts of the country. One of the draws has been they provide residents with the feel of a single-family home.”

Bungalows on Cotton Lane is located at North Cotton Lane and West Orangewood Avenue, just west of Loop 303, and will feature:

• 336 single-story units, comprising one-, two- and three-bedroom units
• Resort-style pool and heated spa
• Farmhouse-style clubhouse with a full kitchen
• Fitness center
• Car charging stations
• Gated entry and 859 parking spaces.

The site is located in a newly emerging area dominated by the construction of several major industrial and distribution parks and offers excellent access and exposure from the 303 loop, a key route providing access to Interstates 10 and 17. The location is also near major employment, retail and entertainment centers.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

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Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • Costa Mesa

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.

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