Mavik closes multifamily mezz deal, industrial credit facility
- In the Press
- Jul 1
- 2 min read
The manager originated $20m in mezzanine financing for a Phoenix-area deal and closed a programmatic credit facility with industrial specialist Phoenix Investors.
Mavik Capital Management this week has closed two new loans, finding a steady rhythm amid a period of dislocation.
The New York-based firm this week bulked its multifamily and industrial sector exposure through two distinct deals, including a $20 mezzanine loan for a residential project in Arizona’s San Tan Valley as well as the close of a programmatic, cross-collateralized credit facility with Phoenix Investors, PERE Credit can exclusively reveal.
Following the first close of its second real estate private credit fund in April, Mavik has kept active with debt deployments reflective of the firm’s aim for more sophisticated and complex financing opportunities.
At June’s end, Mavik originated a $20 million mezzanine financing package for Zekelman Industries subsidiary Z Modular to help develop a 318-unit garden-style multifamily project in Arizona’s San Tan Valley. The asset, dubbed Flatz 480, is also being funded by a senior loan originated by UMB Bank.
The estimated $134 million modular development project will include 32 studio, 89 one-bedroom, 167 two-bedroom and 30 three-bedroom units as well as amenities such as a clubhouse, a fitness center, a playground, a pool and pickleball courts.
Industrial expansion
In tandem with the Flatz project, Mavik is also extending its industrial lending exposure with the close of a programmatic, cross-collateralized credit facility with Phoenix Investors. The Milwaukee-based industrial specialist will use the financing for a pipeline of acquisitions as the sponsor scales up its own
business.
The off-market, strategic partnership started as one deal between Mavik and Phoenix and has now expanded into a scalable platform the firms expect to support with up to seven acquisitions.
For Phoenix, this means more targeted investments and smaller opportunities – such as a $3 million deal in Lyons, New York – can be fiscally viable by bundling with other assets. For Mavik, the firm noted this deal shows how private credit can be deployed to fuel institutional-scale growth in fragmented corners of the commercial real estate market.
Since 2016, Phoenix has closed more than $1 billion in transactions and manages approximately 82 million square feet of industrial space. The manager focuses on repositioning vacant, low-basis assets below replacement cost. The firm maintains tenant relations with Amazon, UPS, IBM and Dupont as part of its industrial platform.