Cantor Fitzgerald L.P. and Silverstein Properties announced the latest closing of construction financing for the first phase of South Pier at Tempe Town Lake, an investment of Cantor Silverstein Opportunity Zone Trust Inc.
To develop the first phase of South Pier at Tempe Town Lake in Tempe, Arizona, $223 million in construction financing was secured from Banco Inbursa and Pearlmark.
The project, which includes three residential high-rise towers with 724 rental units and 26,000 square feet of retail space on 3.3 acres, represents the first phase of a comprehensive master-planned development on Tempe Town Lake.
Seattle-based McBride Cohen is leading the development of the project, with The Davis Experience as the project architect and Clayco as the general contractor. Construction on the site began in January 2023 and completion is expected by 2026.
“This project is a significant piece of Tempe’s evolving waterfront landscape,” said Chris Milner, head of real estate investment management at Cantor Fitzgerald L.P. “We are pleased to have completed this transaction with Banco Inbursa and Pearlmark and to move forward with McBride Cohen on the construction of the three towers at South Pier at Tempe Town Lake.”
Located along the southern bank of Tempe Town Lake and adjacent to the main campus of Arizona State University. The project is within Tempe’s office market, surrounded by the larger Novus Innovation Corridor, a planned 330-acre mixed-use urban master plan being developed by ASU, and walkable to an abundance of entertainment and recreational options, including the Mill Road entertainment district.
Residents of South Pier will have condominium-quality finishes, The Central Green, a lush, 2-acre public park at the heart of the project, along with fitness centers, spas, pools, and doorstep access to other waterfront amenities, including the South Pier Isle Entertainment District, which features a dozen eateries and nightlife venues. The planned unit mix of the project’s 724 units includes studios and one-, two-, and three-bedroom apartments within three high-rise towers – measuring 23, 22 and 24 stories all being built above a four-story parking structure containing 836 parking spaces.
Cantor and Silverstein launched an opportunity zone business in early 2019 to invest in, develop, redevelop, and manage a diversified portfolio of institutional quality commercial real estate assets.
Cantor Fitzgerald is an investment bank serving more than 5,000 institutional clients around the world. Silverstein Properties is based in New York and has developed, owned, and managed more than 40 million square feet of commercial, residential, retail and hotel space.
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. The company has developed, owned, and managed more than 40 million square feet of commercial, residential, retail and hotel space.
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