Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced it provided a $64 million senior loan to a joint venture between Greystar Development and Crown Realty Group for Sunela, a newly built multifamily property in Phoenix, Arizona.
“We’re pleased to support Greystar and Crown with this bridge loan to cover the remaining lease-up period,” said Richard Litton, President of HGI. “With stabilization anticipated in late 2025, we look forward to enabling the lease up and supporting their transition to permanent financing.”
The property is located within Desert Ridge, the fastest-growing Phoenix zip code by population. The broader Phoenix metropolitan area population is expected to increase by 9.1% in 2026 and is ranked #1 in the nation for the largest numeric population growth over the last decade. With only seven completed multifamily assets located within Desert Ridge, Sunela’s development will support the growing need for high-end rental product in the area.
The property is also located within a job-rich environment, situated near the $2.75 billion Mayo Clinic expansion, Arizona State University’s 26-acre medical campus and two of Arizona’s ten Fortune 500 corporate headquarters, Republic Services and Sprouts Farmers Market.
Sunela features 272 units spanning a mix of studio, one-bedroom, and two-bedroom units with 230,222 rentable square feet. Community amenities include a fitness center, clubhouse café, pool deck, coworking spaces, and fire pits. Residents enjoy close proximity to diverse retail and entertainment options, which provide an all-encompassing live-work-play lifestyle.
The loan marks HGI’s 102nd multifamily bridge loan since establishing its whole loan lending platform in late 2020.
