Developer secures large loan for multibillion-dollar Tempe Town Lake project
May 29, 2023, 5:45 AM
(McBride-Cohen Management Rendering)
The developer of South Pier along Tempe Town Lake has secured a hefty loan to finance the completion of the first phase of the mixed-use project.
The multibillion-dollar mixed-use project from developer South Pier Tempe Holdings LLC, an entity of Washington state-based McBride-Cohen Management, is being developed across 18 acres along Vista Del Lago Drive on the Tempe lakefront.
McBride-Cohen started construction on the first phase earlier in the year, which will include three apartment towers totaling 724 units and 26,000 square feet of retail on 3.3 acres.
McBride-Cohen said that it has secured a $223 million loan through Mexico-based Banco Inbursa — a bank owned by billionaire Carlos Slim — and Chicago private equity firm Pearlmark.
McBride-Cohen is the lead developer on the project and is working alongside New York firms Cantor Fitzgerald and Silverstein Properties for the first phase of the development.