Media release: Visiquest Properties LLC announces the revitalization and construction of 59 EVERGREEN APARTMENTS

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PHOENIX–(BUSINESS WIRE) – Visiquest Properties, a real estate investment and development company, and Paragon Mortgage are pleased to recently close an FHA / HUD 221 (d) (4) multi-family loan of $ 18.6 million, AZ.

In 2018, Visiquest Properties bought the land and changed the platform to combine the 70 vacant lots into a single lot. With the lots came the majority control of the HOA and the communal areas. This created a clean slate that made it possible to develop the R-4 zone land into 96 two-story garden apartments.

Paragon Mortgage has arranged a loan in the amount of HUD 221 (d) (4), which offers a combination of construction and long-term finance for apartment buildings on market terms; 40-year, fully amortizing loan of 85% at cost; fully justifiable, without recourse. Paragon was able to rate the ban at 3.20% for 40 years. This HUD loan was available to Visiquest based on its previous successful HUD experience.

“I have such great respect and gratitude for Jim Swanson, President of Paragon Mortgage and his entire team. Thanks to their continued efforts, trust and belief, we were able to successfully bring this 3 year project to the finish line, ”said Joel Broder, CEO of Visiquest Properties, LLC.

This 6.5 acre lot of 70 townhome lots was partially developed in 1973. Potential developers came and went. The lots were empty. The property became an eyesore. And even the pool was abandoned at some point.

The community takes its name from the historic street it is on – “Evergreen,” which is appropriate given the rebirth and rejuvenation of the property and its bronze certification to the National Green Building Standard (NGBS). The 20 existing row houses (around 1973) along 59the Ave are part of the platform, however Not Part of the property. Plans include redesigning the exterior of the townhouse and all public areas to blend in with the new project, including a new pool, resident center, fences, landscaping, animal park and monument signage.

Place:

8450 n. 59the Avenue (59the Avenue and Evergreen Road) in Glendale, AZ

½ mile south of Glendale Community College

Size:

96 units (196 beds) on approx. 6.5 hectares gross

Description:

2-story walk-in garden apartments designed for essential workers, including part-time and full-time students; furnished units available

Unit mix:

7 buildings consisting of 5 floor plans with 1, 2 and 3 bedrooms

Start of building:

May 20, 2021

General contractor:

Pono Construction, LLC

Loan Amount:

$ 18.6 million

City participation:

Incentives for development agreements, getting off the road, low grandfathering fees.

Project features:

Apartments

Community

  • 9 ‘blankets

  • Vinyl plank flooring

  • Quartz counter

  • Stainless steel devices

  • Full size washers and dryers

  • Walk-in closets

  • Tubs and showers

  • Large balconies and storage rooms

  • Sustainable “National Green Building Standards” certified

  • SmartRent home automation system

    • Locks, thermostats, video doorbells, plugs, leak detectors and more

  • Resident Center

  • swimming pool

  • Shady Dead Lot

  • Zen garden

  • Pet park

  • Yoga lawn

  • Reserved covered parking space

  • Sufficient parking space for family and friends

  • Secured bicycle storage room

  • Parcel lockers

  • Public art

  • Tobacco free

  • Walk to the K-8 school
  • 3 options for a tour including self-guided tours

Visit www.59Butler.com for more background information and all of the plans.

Neighborhood Features:

1.5 miles from historic downtown Glendale. Within 2 miles of Walmart, Fry’s, Home Depot, Lowes, LA Fitness, EOS Fitness, Walgreen’s, CVS, Dignity Health ER, Saguaro Park, Public Library, Glendale High and ½ mile from Glendale Community College. Equidistant from I-17 and Loop 101.

About Visiquest properties

Visiquest Properties is focused on infill multi-family, retail and land development opportunities in the Phoenix metropolitan area. Visiquest CEO Joel Broder is a graduate of Arizona State University (BS Real Estate and MBA) and has been involved in commercial real estate development since 1982. More information about Visiquest and Joel Broders Business and personal philosophy, see www.visiquest.us.

About Paragon Mortgage

Paragon Mortgage Corporation is an FHA, HUD MAP, and LEAN approved mortgage lender that has focused exclusively on HUD-insured financing for over 34 years. Paragon Mortgage, headquartered in Phoenix, Arizona, is known for its highly experienced staff who have decades of experience in issuing, underwriting and processing HUD / FHA loans. This experience, combined with Paragon’s longstanding reputation in the industry and relationships within the development community, has resulted in FHA-insured loans of over $ 3 billion. Paragon Mortgage specializes in FHA insurance loans for a variety of project types – multi-family refinancing, acquisition, new build, extensive rehabilitation, and senior housing and healthcare. More information is available at: www.paragon-mortgage.com.

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