Northmarq finances the development of Honeycutt Run build-to-rent community in Maricopa, Arizona

Northmarq also arranged the sale of the land to the developer

PHOENIX, ARIZONA (July 12, 2022) — Northmarq’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodard, Chris McCook and Bryan Liu secured a $49.5 million construction loan for the development of Honeycutt Run. The build-to-rent community will be developed by Mesa-based Bela Flor Communities. The loan was structured at 80% loan-to-cost (LTC.)

Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the sale of the fully zoned and entitled land in Maricopa, Arizona on behalf of the seller, Phoenix-based Suncrest Real Estate & Land. 

“We are excited to see Karl, Hudd and the entire Bella Flor team bring this property to life in the rapidly growing city of Maricopa,” said Brandon Harrington. 

The 19.2-acre development site, located at 36351 W. Honeycutt Run Road, allows for 209, single-story, build-to-rent homes to be built on the site, which is a proposed density of 10.89 homes per acre.  The site plan is approved for one-, two- and three-bedroom single-family casita style homes with private, fenced-in backyards. The proposed development amenities include a swimming pool, clubhouse, fitness center and BBQ areas with fire pits within the community. 

Honeycutt Run is adjacent to the master planned community of Tortosa and the new Maricopa High School (expected completion Summer 2022.) The population of Maricopa has expanded by 20 percent over the last decade, making it the 19th largest city in Arizona. Its location is in the path of growth for both the rapidly expanding Phoenix metro market, which is growing to the south, and the Tucson region, which is expanding to the north. Maricopa residents has easy access to all parts of the Valley and Pima County via the I-10 and Loop 202 freeways.