ARIZONA NEWS

Developer secures large loan for multibillion-dollar Tempe Town Lake project

May 29, 2023, 5:45 AM

In addition to the towers in the first phase, South Pier will have more housing units and retail th...

In addition to the towers in the first phase, South Pier will have more housing units and retail that will be built in subsequent phases. (McBride-Cohen Management Rendering)

(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.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Developer secures large loan for multibillion-dollar Tempe Town Lake project