Atlas Mesa, a 394-unit Class A garden-style multifamily community in Mesa, Ariz., has secured a $92.1 million loan through refinancing arranged by JLL Capital Markets. The borrowers are represented by Dinerstein Cos. and PCCP, while QuadReal Property Group provided the financing.
JLL Capital Markets arranged the refinancing. Their team included Senior Managing Director Brad Miner, Managing Director Cameron Cureton, Director Drew Lydon, and Analysts Justin Savoie, Andrew Pappas, and Jack Kurschat. Brandon Bachner, vice president of U.S. Debt Investments at QuadReal, led the financing from their Los Angeles office.
Project Details and Location
Atlas Mesa sits on 9.8 acres at 5818 E. Baseline Road, offering studios, one-, two-, and three-bedroom units across four four-story buildings. Unit sizes range from 562 to 1,394 square feet, averaging 991 square feet. Monthly rents vary from $1,620 to $2,477, with an average of $1,995.
Units feature two-toned kitchen cabinets, quartz countertops, stainless steel appliances in select units, wood-style flooring, oversized bathtubs, and tile showers. They also include full-size washers and dryers and indoor air quality systems.
Community amenities include a pool deck with spa and lounge seating, an outdoor sky deck, landscaped courtyards, private and group coworking spaces, an indoor/outdoor fitness center, barbecue grills, and a resident social lounge.
The property is located on the northwest corner of East Baseline Road and South Sunview, across from A.T. Still University and near Banner Gateway Medical Center. It’s approximately 3 miles south of Route 60 and 25 miles from downtown Phoenix, providing access to major employment centers.
Regional Economic Context
Major employers in the region include Amazon, Dexcom, Hadrian, AT&T, Boeing, Google, and Northrop Grumman. Since 2018, the Phoenix region has seen over 600 corporate expansions and 31 headquarters relocations.
Recent Refinancing Activity
In July, Dinerstein and PGIM refinanced Atlas Peakview, a 330-unit multifamily community in Centennial, Colo., with an $81 million loan from Mesa West Capital. Completed last year, the property offers studios, one-, two-, and three-bedroom apartments, plus two- and three-bedroom townhomes.
Earlier this year, a Dinerstein joint venture with Merus secured a $102.9 million loan for Aspire Midtown, a 277-unit luxury development in Nashville, Tenn., from Heitman. The property was completed in 2025.
PCCP also refinanced District at 15Fifteen, a 498-unit mixed-use community in Parsippany, N.J., with a $188 million note from Affinius Capital. This project, a partnership with Claremont Development and Stanbery Development Group, began construction in 2023.
Construction Financing and New
Developers broke ground on Atlas Mesa in July 2023, following the project’s announcement in February of that year. In December 2023, Dinerstein and PCCP secured an $85.1 million construction loan from Affinius Capital and Simmons Bank.
