$58M financing secured for The Parker on Higley in Phoenix, Arizona

PHOENIX, May. 12, 2025 – JLL Capital Markets announced today that it has arranged a $58 million financing for The Parker on Higley, a Class-A, 261-unit multi-housing development in Gilbert, Arizona.

JLL worked on behalf of the sponsor, Artom Holdings LLC, in securing a construction loan through PCCP LLC.

The Parker on Higley enjoys a strategic location at the northeast corner of Baseline Rd. and Higley Rd. in the bustling Phoenix metropolitan area. This prime positioning offers residents exceptional connectivity to major arteries, including US-60, Loop-202 and Loop-101 freeways, facilitating easy access throughout the region. The community's proximity to both Phoenix Mesa Gateway Airport and Phoenix Sky Harbor International Airport, coupled with nearby retail opportunities, ensures that residents have convenient access to both local amenities and global connections.

Gilbert, a thriving suburb of Phoenix, has experienced steady growth with a 1.5% annual population increase since 2020, contributing to the Phoenix metropolitan area's impressive 5.41 million residents. The town boasts a high average household income of $154,441, reflecting its affluent status within the region. As part of the greater Phoenix area, which claims the third-largest labor pool in the western United States with over 2.3 million jobs, Gilbert benefits from Arizona's business-friendly environment, including the nation's lowest flat tax rate.

The Parker on Higley is an impressive four-story multifamily development spanning 220,570 square feet on a spacious 8.36-acre site. The property offers a diverse range of living options, including studios, one-, two- and three-bedroom units, with an average unit size of 845 square feet, catering to various lifestyle needs. Residents will enjoy luxurious community amenities, such as a resort-style pool and a state-of-the-art fitness center. The development also addresses parking needs comprehensively, featuring 400 covered surface parking spaces and 68 private garages. With an estimated completion date of Q4 2026, The Parker on Higley  is poised to become a standout residential community in the Gilbert area.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Brad Miner and Associate Drew Lydon.

"The successful arrangement of financing for Artom Holdings demonstrates the enduring appeal of the Phoenix metropolitan area's multifamily market," said Miner. "This development's strategic location in Gilbert, coupled with its high-quality amenities and diverse unit mix, positions it as an attractive investment in the current market landscape. The strong fundamentals of the Phoenix region, including robust population growth and a thriving job market, continue to drive demand for quality multifamily housing."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Artom specializes in the development and design of mid-rise and garden-style multifamily projects. The principals of Artom, Stuart Fred, Tom Abood, Daniel Hathaway and Brandon Walters, have more than 75 years of development experience and have established a reputation of creating quality projects. The firm’s principals’ expertise includes the development of real estate projects throughout the Southeast and Southwest United States.

Artom’s principals also have extensive experience as the general contractor for new development and renovation projects. This expertise equips Artom with a well-defined construction strategy platform, featuring hands-on involvement during construction that ensures communities are built to last. With supervised and constructed projects valued in excess of $750 million, Artom’s principals use their in-depth market knowledge and performance-driven perspective to meet new standards in multifamily development.

PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $25.3 billion in assets under management on behalf of institutional investors as of December 31, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 27-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $42.9 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.  PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.