CrossHarbor Secures $78.5M Take-Out Financing for Tempe Apartment Community

CrossHarbor Capital Partners has closed $78.5 million in construction take-out financing for The Alyssa, a Class A apartment community in Tempe, Arizona. JLL Capital Markets Debt Advisory brokered the loan, with Brad Miner, Drew Lydon, Jack Kurchat and Henry Smith-Hastie leading the placement. Corten Real Estate provided the funds through its senior credit platform.

The four-story property was delivered in 2024 and includes 335 studio, one, two and three-bedroom units. Floor plans range from 504 to 1,658 square feet, averaging 881 square feet. Interiors feature stone countertops, stainless steel appliances, 10-foot living room ceilings and full-size in-unit washers and dryers.

Amenities include a swimming pool with fountains and a sundeck, an outdoor lounge with a fireplace, a fitness center with Peloton equipment, coworking lounges, a 605-space controlled-access garage with EV charging, and a pet wash station.

For developers and lenders, the deal shows continued availability of take-out debt for newly delivered, amenity-rich multifamily assets in Phoenix-area submarkets.