Commercial Real Estate & Business News – August 24, 2015

There are bigger cities in Arizona (Phoenix and Tucson) and bigger golf meccas too (Scottsdale). Mesa can hold its own in both categories, and it beats them all in one key way—it’s a great, affordable city for raising a family. One prime reason: education... Read more »
It’s now safe to say metro Phoenix’s housing market has rebounded from last year’s lull. New data released last week shows both home sales and building are up again. The key indicators have been climbing since the spring...Read more »
The Ak-Chin Indian Community has announced plans for a $100M+ expansion for the Harrah’s Ak-Chin Casino. The project will include a spa, conference center with ballroom space, a parking garage and more than 200 new rooms on the Maricopa site. According to an announcement by casino officials, the project will increase room availability, draw additional visitors and increase the facility’s ability to host large-scale entertainment and corporate events. Read more »
Cathedral Development Group, Inc. (CDG) of Providence, RI has closed on a $44-million refinancing on the Westward Ho Apartments, a 289 unit Elderly Designated affordable housing property in Phoenix, AZ. The refinancing program on the project includes an FHA 221 D4 Substantial Rehabilitation loan, 9% Low Income Housing Tax Credits (LIHTC) and Federal Historic Tax Credits. The historic nature of the building, the substantial renovations, the planned social service programing and multiple sources of financing make the project unique and one of the first of its kind in the US... Read more »
The 111,052 square foot Bell 28 Office Park near the southwest corner of Bell Road and the I-17 sold Wednesdayfor a price of $11,745,000 or $106 per square foot. The purchase was funded by a $7 million loan with CitiBank. The property consists of two single-story buildings built 1999 with five current tenants. The buyer in this sale is located in British Columbia, while the seller is from Minnesota... Read more »

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