JLL Arranges $78.5M Construction Take-Out Loan for CrossHarbor's Tempe Apartment Community The Alyssa

PHOENIX — JLL Capital Markets has arranged $78.5 million in construction take-out financing for The Alyssa, a 335-unit Class A multifamily community in Tempe, Arizona, the firm announced Nov. 5, 2026. JLL worked on behalf of the borrower, CrossHarbor Capital Partners, to secure the loan from Corten Real Estate through its senior credit platform.

Financing Converts Construction Debt on a Stabilized Tempe Property

The loan converts construction debt into permanent financing for The Alyssa, which was delivered in 2024 and achieved stabilization 18 months after delivery, according to JLL. The financing equates to roughly $234,328 per apartment and about $266 per rentable square foot, based on the reported average unit size of 881 square feet.

JLL's Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Brad Miner, Director Drew Lydon, Analyst Jack Kurschat and Analyst Henry Smith-Hastie.

"This transaction reflects Corten’s confidence in both CrossHarbor's institutional platform and the exceptional fundamentals of the North Tempe submarket," said Miner. "The Alyssa represents best-in-class product delivered by Streetlights Residential, which is performing ahead of underwriting expectations under Greystar's professional management."

Property Details: The Alyssa at 98 South River Drive

The Alyssa is a four-story community at 98 South River Drive in the North Tempe/University submarket. It offers studio, one-, two- and three-bedroom floor plans ranging from 504 to 1,658 square feet, with an average unit size of 881 square feet.

Unit interiors include natural stone countertops, shaker-style cabinetry, wood-style flooring, custom pendant and under-cabinet lighting, stainless steel appliances, 10-foot ceilings in living rooms and full-size in-unit washers and dryers.

Community amenities include a swimming pool with fountain features and sundeck, an outdoor lounge with fireplace and private dining spaces, a Peloton-equipped fitness center, a co-working lounge with coffee bar, a 605-space controlled-access parking garage with EV charging stations and a pet wash station. The property was developed by StreetLights Residential and is managed by Greystar.

Location Near Tempe Marketplace, ASU and Tempe Town Lake

The property sits adjacent to Tempe Marketplace, a 1.3 million-square-foot outdoor lifestyle center with more than 100 shops, bars and restaurants that draws nearly 17 million visitors annually. The submarket is anchored by Arizona State University, whose Tempe campus enrolls more than 55,000 students, and by a technology and finance employment corridor along Tempe Town Lake.

The Metro Light Rail connects residents to Arizona State University, Downtown Phoenix, Phoenix Sky Harbor International Airport, Downtown Mesa and North Phoenix.

"The property's location within Tempe Marketplace and along Tempe Town Lake positions it at the epicenter of one of Phoenix's most dynamic live-work-play corridors," said Lydon. "The Alyssa sits within a seven-minute drive from Marina Heights, home to corporate offices for State Farm, Carvana and Amazon, with direct light rail access to Arizona State University's Tempe campus, Downtown Phoenix and Sky Harbor International Airport. The strategic positioning with direct access to the Loop 101/Loop 202 interchange provides residents with unparalleled connectivity throughout the greater Phoenix metropolitan area."

Phoenix Multifamily Market Context

The financing comes as Phoenix apartment demand has strengthened while new supply moderates. Phoenix recorded 18,071 units of net absorption through the third quarter of 2026, surpassing the market's 17,303-unit full-year record set in 2024. The active development pipeline has declined to 16,013 units, its lowest level since the end of 2019, and fewer than 6,700 new units were delivered in the first half of 2026, the lightest first-half delivery volume since 2022.

Fundamentals remain mixed. Phoenix multifamily vacancy stood at 10.8% through the third quarter, down 200 basis points year over year, while average rent was $1,590 per unit, down 0.9% from a year earlier. Stabilized properties were 93.2% occupied in June 2026, down 20 basis points year over year. The average Phoenix multifamily cap rate rose to 6.7% in the third quarter from 6.0% a year earlier, and average sales pricing was $194,461 per unit, down 22.1% year over year.

About the Parties

CrossHarbor Capital Partners, founded in 1993 and based in Boston, is a real estate investment manager with $11.0 billion in assets under management and offices in Chicago, Los Angeles and Big Sky. Corten Real Estate is a real estate investor and operator that targets middle-market assets across the United States and structures debt and equity capital solutions. JLL Capital Markets provides capital solutions for real estate investors and occupiers, with more than 3,000 specialists worldwide.

Sources

JLL newsroom: https://www.jll.com/en-us/newsroom/jll-capital-markets-led-the-financing-efforts-for-the-alyssa