Developer secures $28M loan for construction of Bungalows

A $28 million loan will fund construction of the Bungalows on Bowlin, a community of 196 housing units at John Wayne Parkway and Bowlin Road.

Development of the 16.9-acre property by Cavan Companies of Phoenix will include a combination of detached homes and multifamily duplexes with 1-, 2- and 3-bedroom units. One of the few single-story rental communities in the market, it will occupy a little more than half of the empty acreage on the northwest corner of the intersection.

The community will feature high-end interior and exterior amenities, resort-style pool and spa, farmhouse-style clubhouse and 426 on-site parking spaces.

In announcing the loan for the project, the CEO of ACRES Capital Corp. of New York, Mark Fogel, cited the city as “an ideal area for new multifamily development due to a sustained influx of new residents.”

The project has been granted entitlement and design approval.

This story appears in the January issue of InMaricopa magazine.