JLL Arranges $92.1M QuadReal Refinancing for The Dinerstein Companies, Pacific Coast Capital Partners' Atlas Mesa
PHOENIX, Nov. 9, 2026 — JLL Capital Markets announced that it has arranged a $92.1 million refinancing for Atlas Mesa, a 394-unit, Class A garden-style multifamily community in Mesa, Arizona. JLL represented the borrowers, The Dinerstein Companies and Pacific Coast Capital Partners (PCCP, LLC), in arranging the loan with lender QuadReal Property Group.
Atlas Mesa Refinancing: Deal Details
The $92.1 million loan equates to roughly $233,756 per unit and about $236 per rentable square foot, based on the property's unit count and average unit size. Atlas Mesa was delivered in 2025 and is located at 5818 E. Baseline Road, just west of S. Sunview in Mesa. The four-story property offers studio, one-, two- and three-bedroom layouts with an average unit size of 991 square feet, or approximately 390,454 rentable square feet.
According to JLL, unit amenities include two-toned kitchen cabinets, quartz countertops, wood-style flooring, full-size washers and dryers, indoor air quality systems, maximized natural light, stainless steel energy-efficient appliances in select units, oversized bathtubs and tile showers. Community amenities include an outdoor sky deck and landscaped courtyards, private and group co-working spaces, an indoor/outdoor fitness center, BBQ grills, a pool deck with spa and lounge seating, a resident social lounge with full kitchen and TVs, a dog park and pet spa, and a bike storage and repair station.
Lease-Up Performance and Lender Commentary
Atlas Mesa began lease-up in December 2025. JLL said the property has averaged 30 move-ins per month, including 104 move-ins in June 2026 alone.
"This transaction reflects strong lender confidence in both the asset's quality and the sponsors' proven ability to execute rapid lease-up in one of the Southwest's highest-growth rental markets," said Brad Miner, senior managing director at JLL Capital Markets. "Atlas Mesa has demonstrated remarkable absorption strength, averaging 30 move-ins per month with a standout 104 move-ins in June 2026 alone. We believe this early lease-up performance validates Mesa's robust fundamentals and the sponsors' sophisticated operational excellence."
Brandon Bachner, who led the financing out of QuadReal Property Group's Los Angeles office, said: "Atlas Mesa reflects exactly what we look for in a multifamily lending opportunity: a newer-vintage, Class A asset, backed by best-in-class sponsorship with a demonstrated commitment to the property and the market."
The JLL Capital Markets Debt Advisory team representing the borrowers included Miner, Managing Director Cameron Cureton, Director Drew Lydon and Analysts Justin Savoie, Andrew Pappas and Jack Kurschat.
Mesa Location and Demand Drivers
Atlas Mesa sits 0.1 miles from A.T. Still University's Mesa campus, which JLL said serves more than 1,200 graduate health sciences students. The property is also within minutes of BASIS Mesa, a tuition-free K-12 charter school, and Franklin Accelerated Academy, Brimhall Campus, an A-rated elementary school.
JLL characterized Mesa as a growing healthcare, technology and innovation hub. The firm described it as the 36th-largest city in the United States, with more than 521,000 residents within the Phoenix-Mesa metro area of 5.1 million people. Amazon, Dexcom, Hadrian, AT&T, Boeing, Google and Northrop Grumman have established operations in the market, and the Phoenix region has seen more than 600 corporate expansions and 31 headquarters relocations since 2018, according to JLL.
Phoenix Multifamily Market Context
The financing comes as Phoenix-area apartment fundamentals show signs of improvement after a period of heavy supply. Phoenix recorded 25,588 units of net absorption over the 12 months through the third quarter of 2026, exceeding 17,014 deliveries. Vacancy declined to roughly 10.5% to 10.7% in the third quarter, depending on the measure, from 11.4% in the second quarter and 12.1% a year earlier.
Rents remain under pressure. Average asking rent in Phoenix was about $1,535 to $1,558 per unit per month, down roughly 0.9% year over year by one measure. The average Phoenix multifamily cap rate rose to 6.7% from 6.0% a year earlier by one estimate, while another market dataset reported a 5.10% cap rate. The average multifamily price was $248,000 per unit in the third quarter, down from $268,000 in the prior quarter.
The loan indicates that institutional lenders continue to finance newer-vintage Class A apartment properties with demonstrated absorption, even as aggregate vacancy in the Phoenix market remains above 10% and rents are still declining on a year-over-year basis.
About the Sponsors, Lender and Arranger
The Dinerstein Companies describes itself as a vertically integrated, family-owned apartment developer and operator with a 70-year legacy. The firm says it has completed more than 80,000 apartments in 28 states and has $3.7 billion in LEED product completed or under construction.
PCCP is a real estate finance and investment management firm with approximately $30.1 billion in assets under management as of June 30, 2026. It has offices in New York, San Francisco, Los Angeles, Atlanta and Seoul and has managed, raised or invested more than $50.4 billion of capital since its 1998 inception.
QuadReal Property Group is a global real estate investment, development and operating company headquartered in Vancouver, British Columbia, with $98.5 billion in assets under management.
JLL Capital Markets, part of JLL (NYSE: JLL), has more than 3,000 specialists worldwide with offices in nearly 50 countries. JLL reported third-quarter 2026 revenue of $7.281 billion, up 12% from $6.510 billion a year earlier. Revenue for the first nine months of 2026 was $20.596 billion, compared with $18.507 billion in the prior-year period.