US-based real estate company StarPoint Properties has received a $52m senior loan facility for a new multifamily property in Mesa, Arizona, US.

Provided by Stonehill’s commercial real estate subsidiary Stonehill CRE, the loan is intended to fund the development of a four-storey multifamily building.

Lotus Point Apartments is a 245-unit Class A asset located at 139 N Dobson Road within the Phoenix Metropolitan Statistical Area.

It is being built on a six-acre site and is expected to be finished in the first quarter of 2025.

The new building will feature studio and one-and two-bedroom floor plans with facilities such as a clubhouse, a fitness centre, a pool, a spa, a co-working space, and a combination of tuck-under and grade-level parking.

Stonehill CRE senior vice-president Taylor Pike said: “This investment mirrors the precise kind of strategy we actively seek - a great property with a sophisticated sponsor in a high-growth market.

“Phoenix remains one of the nation’s best-performing markets for job growth thanks to a diversified employment base across a broad range of industries.

“Despite strong demographics, single-family-for-sale development has not kept pace. Coupled with the rapid rise in mortgage rates, well-located multifamily projects will remain in high demand.”

In July this year, JLL Capital Markets announced the arrangement of $52m in construction financing for Lotus Point.

Last year, StarPoint broke ground on Lotus Point.

Stonehill is a segment of investor Peachtree Group, which manages more than $2.5bn in equity.