Developer South Pier Tempe Holdings LLC, a subsidiary of McBride-Cohen Management, has obtained a $223 million loan from Banco Inbursa and Pearlmark to finance the completion of the first phase of the South Pier mixed-use project in Tempe, Arizona. The project spans 18 acres and includes three apartment towers with 724 units, 26,000 square feet of retail space, and future developments such as housing, hotels, office space, and an entertainment district. The loan will enable the construction of the first phase to progress, with completion expected in the next 42 months. The South Pier project aims to create a waterfront destination and will be developed over the next eight to 12 years, with construction costs potentially exceeding $4 billion.
Menu
More Information
Frequently asked questions
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
Helpful blog posts
Menu
480.947.0600
