TDI Begins Construction on Upscale Multi-Family Project in Scottsdale, Arizona
IRVING, Texas, Jan. 21, 2013 /PRNewswire/ — TDI Real Estate Holdings LLC, a leader in the development of Class A multi-family housing, has begun construction on the first phase of a project that will bring up to 750 units of luxury housing to Scottsdale, Arizona. Construction on Phase One of Jefferson at One Scottsdale is presently underway on 388 units scheduled for completion in 2014.
The site is located within the One Scottsdale master-planned development located at the northeast corner of the 101 Freeway and Scottsdale Road in the heart of the growing north Scottsdale corporate corridor. The 80-acre mixed-use property is planned for specialty retail, dining, Class A office and hotel uses, along with a variety of luxury residential choices. The corporate component is anchored by Dial/Henkel North American Headquarters and the retail mixed-use component is owned by DMB Associates, Inc. in partnership with national retail developer Macerich. This highly coveted location will ensure that visitors and residents have connected and direct access to freeways, major airports and employment cores.
“We will be offering the market a superior product with unprecedented amenities and an ideal location near employment centers and adjacent to the Grayhawk luxury golf course,” said Gus Villalba, TDI Executive Vice President and Investment Partner. “Jefferson at One Scottsdale will be the premier luxury multi-family project in north Scottsdale to meet a growing demand for upscale housing in this submarket, which is a major employment center for the region.”
The first phase will consist of 178 one bedroom/one bath apartments, 186 two bedroom/two bath apartments and 24 three bedroom/three bath apartment units. Residents will be able to enjoy a 10,800 square foot clubhouse, lounge, media room, two resort size swimming areas with spa, 294 garage spaces, 182 carport spaces, 9-foot ceilings, outdoor storage units and Wi-Fi access in all common areas. The entire complex will be access controlled.
Financing was arranged by HFF (Holiday Fenoglio Fowler, L.P.) and HFFS Securities L.P. with a construction loan through Texas Capital Bank (www.texascapitalbank.com) and The PrivateBank (www.ThePrivateBank.com) and mezzanine financing from Behringer Harvard. (www.behringerharvard.com).
TDI (www.tdire.com) currently has 1,406 units under construction in Texas, California and Arizona and has asset management responsibilities over 4,900 units nationwide. In addition, TDI has plans to develop an additional 2,320 units over the next 12 months that are in various stages of planning and predevelopment and is currently raising capital to complement their venture platforms in order to fund their expansion and business plan.
The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services.
SOURCE TDI Real Estate Holdings LLC