Mavik Capital Management Closes $229M Construction Loan for Tempe Multifamily Development
Mavik Capital Management has closed a $229 million construction loan for a multifamily development in Tempe, Arizona, the firm announced Sept. 28, 2026.
Deal Overview
Mavik Capital Management served as lender on the transaction. The firm's announcement did not identify the borrower, developer, or specific project address, and additional loan terms were similarly absent from the available disclosure.
While Mavik Capital Management's own announcement cites $229 million, at least one third-party listing attributed the deal to a $299 million figure. The firm's primary announcement of $229 million is the confirmed figure.
Mavik Capital Management's Multifamily Credit Activity
The Tempe construction loan is the latest in a series of multifamily credit transactions for Mavik Capital Management. In May 2026, the firm was involved in a $130 million multifamily recapitalization in Connecticut alongside MF1, reflecting activity across both ground-up construction and existing-asset financing.
The firm has also highlighted refinancings as a dominant theme in the current lending environment, noting in a recent market commentary that refinancings continue to lead deal volume. Against that backdrop, a large ground-up construction commitment of this scale represents a more selective deployment of capital.
Market Context
Large multifamily construction financings have remained selective as the apartment sector navigates a period of elevated new supply, higher construction costs, and tighter lender underwriting standards. The size of the Tempe loan suggests a project of substantial scale, though the absence of unit count, square footage, and capitalization details limits a fuller assessment of the transaction's structure.
Tempe, situated within the broader Phoenix metropolitan area, has been an active submarket for multifamily development, drawing interest from developers and lenders given the region's population growth and rental demand trends in recent years.
About Mavik Capital Management
Mavik Capital Management is a real estate credit and investment firm. The firm's recent deal activity spans construction lending, recapitalizations, and structured credit transactions across multiple U.S. markets.
Sources:
Mavik Capital Management – Official Announcement
Commercial Observer