Cavan Cos. Receives $62M Construction Loan for Multifamily Project in Glendale, Arizona

GLENDALE, ARIZ. — Cavan Cos. has received a $62 million construction loan for the development of Bungalows on Cotton Lane, a built-to-rent community in Glendale.

Jeremy Korer and Kristian Brown of Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix arranged the financing for the borrower, while ACRES Capital originated the financing.

Situated on 35 acres, the gated community will feature 336 single-story one-, two- and three-bedroom residences and more than 850 parking spaces.