CBRE has secured $116 million in pre-stabilized bridge financing for three recently delivered built-to-rent properties in the greater Phoenix metro area owned by Bela Flor. Â
Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo, and Shaun Moothart with CBRE Capital Markets’ Debt and Structured Finance secured an initial two-year, floating-rate term featuring full-term interest-only, with three extension options on behalf of the owner. The lender was MF1 Capital.
The portfolio includes Bella Olivia, 112 units located in Peoria, AZ; Woodcrest at Power Ranch, 120 units located in Gilbert, AZ; and Honeycutt Run, 209 units located in Maricopa, AZ. The properties were each built in 2025 and are all currently in lease-up. Honeycutt Run (photo) was delivering its final certificates of occupancy at the time of the refinance. All three properties feature a resort-style pool, clubhouse, fitness center and attached one—and two-car garages.
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