Affinius Capital, Simmons Bank Provide $85M in Financing for Arizona Multifamily
Financing will go toward construction of Atlas Mesa, a 394-unit community
By Brian Pascus December 11, 2023 1:05 pm
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Houston-based developer The Dinerstein Companies and PCCP have secured $85.1 million in financing to construct Atlas Mesa, a 394-unit multifamily community in Mesa, Ariz., Commercial Observer has learned.
Financing was provided by Affinius Capital and Simmons Bank.
The closing marks the first deal between Affinius Capital and both Dinerstein and PCCP. In a statement, Affinius Capital managing director Tom Burns said that his firm is “excited” about the partnership as he praised both the location and amenities of Atlas Mesa.
“We believe Atlas Mesa is well located in Mesa near Banner Medical Center and across the street from A.T. Still University,” said Burns. “The property will be rich with amenities and differentiated by four-story elevator service buildings, tuck under garages, and a dedicated amenity facility.”
Located between East Baseline Road and South Sunview in downtown Mesa – a community about 27 miles from Phoenix – Atlas Mesa is expected to feature 152 one bedroom units, 17 studio apartments, 183 two-bedroom apartments, and 42 three-bedroom units. Amenities are to include a fitness center, a pet spa, a bike room, a member’s club room, and an outdoor pool with cabanas and an outdoor kitchen.
Plans for the development were first revealed in Feb. 2023. Initial occupancy is slated for the first quarter of 2025, while final construction is scheduled to be completed in late 2025.
The Dinerstein Companies and PCCP did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
