PHOENIX, AZ--(Marketwired - January 30, 2016) - CAPITAL FUND 1 (https://capitalfund1.com), an Arizona-based private money lender, has aligned with Empire Group to finance the development of the prime location of 40th Street and Osborn in the Arcadia Phoenix neighborhood. The 40th Street property rests upon 10 acres of land and is platted for a 44 luxury home community. The location was formerly home to well known Bakers Nursery for decades prior to Empire Group's strategic acquisition of the property.
Unlike traditional institutional lenders, Capital Fund has lending programs tailor made for Real Estate Builders and Developers who need to act quickly on opportunities. Capital Fund specializes private money loans for "in fill" projects throughout the Valley.
Mike Anderson, President of Capital Fund, says, "Since our loan criteria is based upon the value of the asset and not the investors credit score or financial history, we can get loans funded in days and many times fund loans conventional banks would not be able to. Our business is to provide Real Estate developers the Financing for A & D -- Acquisition and Development Capital needed to acquire land, develop the infrastructure as well as provide the construction funding to build their projects. The Arcadia Project that Empire Group is doing fits us like a glove. We couldn't be happier with their site selection to build a Luxury Home Community." Anderson adds.
The Empire Group initially came to Capital Fund in early 2015 to obtain financing for the acquisition of the land consisting of approximately 10 acres. Capital Fund is also providing the funding for the horizontal improvement costs to develop the 44 home subdivision with combined loan amount of approximately $5.3 million dollars. While "pre-sales" of the homes will be opening up in the first quarter of 2016, the estimated completion of the community is slated for later in 2016.
"We use Capital Fund because they have in depth knowledge and experience in land development and homebuilding. They respond quickly to our loan requests and always fund our projects on time," states Rich Zacher, Principal with The Empire Group.
"The property site could not be positioned in a better location," according to Mike Anderson, President of Capital Fund, "This location was particularly interesting to us because it is nestled right in Arcadia. It is close to the Biltmore Shopping Center, Scottsdale Fashion Square, and several Restaurants such as Postino, La Grande Orange, 40th North, Steak 44, Buck and Rider, and The Henry to name a few -- all within a mile or so away from the site. The schools, the grocery stores, and virtually everything a family needs is right there." Anderson continues.
About Capital Fund
Capital Fund is an Arizona Based Private Lender who specializes in offering private funds for non-owner occupied residential homes, commercial properties, construction projects, and lots or raw land. Our extensive knowledge and experience as a private lender has helped us in offering not only funds for investment properties, but also being a excellent resource to use in all real estate investment situations.