Developer secures large loan for multibillion-dollar Tempe Town Lake project

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.

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