3650 REIT has funded a $27.5 million senior construction loan to Greenlight Communities for the development of a 252-unit affordable multifamily project in Phoenix. Churchill Commercial Capital, a commercial mortgage bank in Phoenix, was responsible for arranging the financing.

“3650 REIT understands our business plan and provided us with a highly attractive financing solution that will help bring this much-needed project to completion,” said Pat Watts, partner at Greenlight Communities.

The multifamily project will be one of the first new developments to offer affordable rents. It will feature an innovative, modern design with a focus on in-demand amenities, including onsite management, gated parking, parcel storage, a pool and a fitness area.

“This loan aligns with our strategy of providing short-term, fixed-rate capital to high-quality sponsors with strong projects in markets that we believe exhibit compelling growth prospects,” said Jonathan Roth, co-founder and managing partner at 3650 REIT.

3650 REIT provides fixed-rate bridge and long-term financing solutions to commercial real-estate investors.