Caliber Completes Funding for SP10 Project in South Phoenix

Author

Slice of Real Estate Team
July 04, 2024

Key Highlights:

  • Funding complete for Caliber's SP10 project in South Phoenix.

  • Conversion of a 160-room hotel into 104 apartment units.

  • Additional 88 low-density townhouse units to be built.

  • Project caters to young professionals, families, and corporate housing.

  • Ideal location with easy access to major highways and business districts.

Source (Business Wire)

Notable Quote:

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"Our team continues to see a growing number of distressed or abandoned assets across the marketplace. In this case, we developed and are executing our own solution to an underperforming asset that we expect to provide a long-term, attractive return for our investors and partners. Funding this project initiates the turnaround of a hotel asset we acquired in 2018 that was negatively impacted by the pandemic. Through the combination of investor equity and a new construction loan, we have fully capitalized the first phase of this built-for-purpose housing complex that will meet the growing housing needs of this vibrant community."

Chris Loeffler, CEO at Caliber

Our Take:

The completion of funding for Caliber's SP10 project marks a significant step in addressing the housing shortage in South Phoenix. By repurposing a distressed hotel into a modern apartment complex with Class A amenities, Caliber not only revitalizes an underperforming asset but also contributes to the broader community's housing needs. The strategic location near key business districts and transportation hubs, combined with the project's appeal to various demographics, positions it as a promising investment. This initiative underscores Caliber's innovative approach to real estate development and its commitment to generating sustainable returns for investors.