Two affordable multifamily developments by DBG Properties have been awarded $110M in financing from the Arizona Industrial Development Authority.
The Waterman Senior Apartments and Overland Flats Apartments will have approximately 200 units each, with most of the units planned as affordable housing.
A 13-acre site near the SEC of John Wayne Parkway and Honeycutt Avenue in Maricopa will serve as the location for both developments.
Waterman will occupy six acres of the site. The development will be entirely comprised of affordable-designated units and will be age restricted to residents 55 years of age and older.
Overland Flats will sit on seven acres and will offer a mix of affordable and market-rate units. Construction is planned to begin in the summer or fall of 2023.
A non-profit corporation, AZIDA is what is known as a “conduit issuer” of municipal revenue bonds and assists project financing for both public and private borrowers. Bonds are issued for private users’ benefit, and repayment is the user’s obligation. (Source)
