$59.7 Million in Three Non-Recourse Construction Loans Funded for Cabana Brand Apartments

SCOTTSDALE, ARIZ – Churchill Commercial Capital has arranged non-recourse construction loan s totaling $59.7 million for Greenlight Communities’ first three Cabana brand multifamily housing communities.   An $8.64 million loan was recently closed to finance Cabana on Hayden, an 89 unit community centrally located at Oak and Hayden in Scottsdale.  The loan was closed by a regional bank in June. 

Churchill Commercial Capital

Over the past six months, Churchill arranged $51.1 million in two non-recourse construction loans with debt fund lenders for Greenlights’ 252 unit Cabana on 12thand 226 unit Cabana on Washington communities in Phoenix. These two properties are presently under construction, with openings anticipated in 2020..  

Additionally, Churchill arranged partnership equity for two of these communities, funded by an established real estate investment firm with a longstanding Churchill relationship .

By combining thoughtful design with technological advancements in construction and operations, Greenlight is able to deliver multifamily housing with modern floor plans and amenities demanded by tenants, priced with mid- market rents.  Greenlight, through its Cabana brand, is expanding rental housing options available to the majority of renters.

Churchill Commercial Capital is a commercial mortgage banking company established in 1994 who has closed over $3.1 billion in loans.  Churchill originates and services loans for its correspondent life insurance companies, and arranges debt and equity investments for owners of commercial and multifamily properties

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