Virtua Partners has recapitalized two Phoenix area single-family residential development projects. No financial terms were disclosed. The properties include a 12-acre site in Phoenix and a 15-acre site in Avondale.
PHOENIX, June 19, 2018 /PRNewswire/ — Virtua Partners has successfully recapitalized two Phoenix Area single family residential development projects. The two infill properties include a 12-acre site located at Union Hills and 13th Street in Phoenix, and a 15-acre site at Thomas and 119th Avenue in Avondale. The two projects are planned for 183 houses. The bridge debt investors received a 16% internal rate of return.
“We’re very bullish on the economic prospects for Phoenix,” said Nick Montague, President of Virtua affiliate Quyp Development. “We continue to expand our Phoenix MSA holdings, with an emphasis on infill residential developments designed for millennials.”
“Virtua sponsors a variety of fixed income products for high net worth investors,” said Derek Uldricks, President of Virtua Capital Management. “Our fixed income products include mezzanine debt, bridge debt, and structured finance. These two projects were financed with bridge debt from individual investors with a 16% annual yield, paid monthly.”
About Virtua Partners:
Virtua Partners is a private equity firm specializing in commercial real estate. Virtua sponsors a variety of funds and commercial real estate projects across the country. Investment products include fixed income, growth to income, growth, and aggressive growth. Through its affiliates, Virtua provides debt and equity origination, asset and property management, workout consulting, development, and fund management.
Please visit http://www.virtuapartners.com to learn more about our investor services.