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Phoenix built-to-rent project secures $73.1M bridge loan

The three-year bridge loan includes two one-year extension options, supporting the 334-unit Merrick on Camelback community.

Reported · Written up by our desk · Industry

Golden Horizons Enterprises has secured a $73.1 million bridge loan for Merrick on Camelback, a 334-unit built-to-rent community in Phoenix, Arizona, according to ConnectCRE.

The financing was arranged by Lument and originated by Arcus Real Estate Capital. The bridge loan carries a three-year term with two one-year extension options.

ConnectCRE also said Golden Horizon Enterprises recently paid $112.5 million for the asset when it was previously known as Bungalows on Camelback, and the property has since been renamed Merrick on Camelback.

Merrick on Camelback is described as a gated community offering one-, two-, and three-bedroom floor plans with private detached units, along with amenities including a dog park, dog washing station, fitness center, and swimming pool.

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