JLL secures $385M in debt and equity for The McBride Cohen Company to finance phase I of waterfront, trophy mixed-use project in Phoenix Metro

PHOENIX, June 13 , 2023 – JLL Capital Markets announced today that it has raised $385 million in debt and equity for the construction of South Pier at Tempe Town Lake Phase I, a 737,585-square-foot, waterfront, trophy mixed-use project that will include 724 multi-housing units and 26,767 square feet of retail space in Tempe, Arizona. Upon completion, Phase I of the McBride Cohen Company-led project will be the largest apartment development in the state of Arizona and will feature the towering Arizona Amazing Wheel, a pedestrian bridge, public dock, and world class entertainment isle.

JLL worked on behalf of borrower, The McBride Cohen Company, to raise $162 million in equity from Cantor Fitzgerald and Silverstein’s Opportunity Zone Fund, as well as secure $223 million in financing through both senior and mezzanine loans.

“We believe in the power of this project, this incredible piece of waterfront and the community we are going to create here at South Pier,” said Loren McBride Cohen, CEO of The McBride Cohen Company. “We are truly grateful to our partners at JLL for their belief in this dream.”

With an anticipated completion during the second half of 2026, Phase I will consist of three Class-A towers ranging from 22 to 24 stories that will sit on a four-story, 836-space parking structure. The planned unit mix of the project’s 724 units includes studios and one-, two- and three-bedroom apartments. Residents will benefit an unparalleled living experience with condominium-quality finishes and The Central Green, a lush, 2-acre public park at the heart of the project, along with fitness centers, spas, pools, and doorstep access to other waterfront amenities, including the South Pier Isle Entertainment District. Phase I will begin the development of the 3.2-million-square-foot resort-inspired development, placemaking it as one of the largest master-planned projects in the Western United States.

Located within an Opportunity Zone, the development sits on the 3.32-acre South Pier Lot 6 and is ideally situated on the southern edge of Tempe Town Lake. It is positioned northeast of Arizona State University and directly south of Scottsdale. Residents will benefit from a myriad of public transportation options, including the Loop 202 freeway, Phoenix Metropolitan Bus System, Tempe Streetcar System and the Phoenix Metropolitan Light Rail System, all located within proximity to the site. The land is surrounded by the Novus Innovation Corridor, a planned 330-acre mixed-use urban destination. Additionally, Mill Avenue Entertainment District, Papago Park, and ASU Gammage Performing Arts District are all within proximity of the site. It is less than a 15-minute commute to downtown Phoenix.

The JLL Capital Markets Advisory team representing the borrower was led by Senior Managing Director Tom Wilson, Senior Managing Director Brad Miner, Senior Director Matt Benson, Director Brock Knapp and Associate Elle Miraglia.

“The South Pier project will continue the evolution of the waterfront along Tempe Town Lake, providing world-class housing and retail amenities, which will drive further demand and investment to the city,” said Miner. “This phase is a vital step in generating momentum for the transformative South Pier master plan.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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