Churchill Provides $50M Loan on Build-for-Rent Project in Arizona


Bela Flor Communities has secured a floating-rate loan totaling $49.5 million to finance the construction of Honeycutt Run, a build-for-rent community located in Maricopa, Ariz., Commercial Observer can first report. Churchill Real Estate provided the loan. 

The loan closed at the end of June, and carries an initial term of two years, plus two one-year extension options. Northmarq advised the borrower on the financing.  

SEE ALSO: Slate Property Group, LibreMax Capital Lend $60M on Astoria Condo Tower

Located at 3631 West Honeycutt Road, Honeycutt Run will feature 209 single-family homes spread across roughly 19 acres. Amenities will include detached garages, a clubhouse, a pool with cabanas, and substantial outdoor open space. Construction is anticipated to commence this summer, according to a release. 

“We are seeing sustainable growth in the build-for-rent sector being propelled by shifting demographics, increasing concerns around housing attainability, and financial flexibility,” Sean Robertson, co-head of originations at Churchill Real Estate, said in a statement. 

The financing of Honeycutt Run brings Churchill’s capital commitments to over $100 million in the greater Phoenix metro during the first half of the year.  

“With a more favorable demographic profile than most Phoenix submarkets, we view Maricopa as a proverbial diamond in the rough and are excited to expand our Build-For-Rent platform in one of the most underserved rental markets that we’ve surveyed,” Jeff Rosenfeld, co-head of originations at Churchill Real Estate, said in the statement. 

Bela Flor Communities did not immediately respond to a request for comment.

Emily Fu can be reached at