Closing of a Preferred Equity Investment to Fund Class A Multifamily Development in Scottsdale, Arizona
SCOTTSDALE, February 15, 2014 /PRNewswire/ — The Wolff Company announces the closing of a preferred equity investment in an entity that is developing the second of three phases that, upon completion, will constitute a Class A, luxury multifamily development known as Optima Sonoran Village, located in Scottsdale, Arizona. Scheduled to be completed in the summer of 2016, Phase II will comprise a total of three buildings, housing 400 condo-quality luxury rental units, an estimated 5,400 square feet of commercial space, and resort style amenities, including a fitness center, indoor basketball and racquetball courts, lounge and game room, two outdoor pools and heated spas, landscaped open spaces, green roofs and streetscape improvements.
The project is co-sponsored by Optima, Inc. (“Optima”) and DeBartolo Real Estate Investments, LLC (“DBREI”), who have a history of partnering together on real estate development projects. Optima is an established, vertically-integrated developer of multifamily projects. DBREI, a subsidiary of DeBartolo Development, is a real estate private equity firm that invests in both development projects as well as operating assets. Collectively, they have significant resources and experience successfully developing apartment communities.
“Our ability to offer developers flexibility and certainty of close is key in helping our clients finance multifamily development projects successfully and expeditiously,” said William Trefethen, Executive Vice President at The Wolff Company. “In this particular case, the developer required reliable execution from an experienced preferred equity investor that both understood the asset strategy, and took a balanced approach to negotiating the transaction documents.”