Optima Camel View Village

In April of 2010 Fund III closed on a preferred equity investment in the remaining +/-125 units of a Class AA Scottsdale condominium development. The project, Optima Camelview Village, is located at the northern gateway to downtown Scottsdale, AZ, just north of the Scottsdale Fashion Square Mall (Nordstrom, Neiman Marcus, Barney's New York, Macy's, Dillard's). With an unmatched amenity package including a 24,000SF health club with indoor pool/spa, 2 exterior heated pools/spas, and retail shops and restaurants, the project is comprised of 677 total units in 11 buildings on a 13 acre site. The developer, Optima, Inc., is a high-end condominium developer with a track record of over 30 years in the Chicago and Phoenix markets. They have developed 32 projects including the 28-story Optima Views tower adjacent to Church Street Plaza (a mixed-use project in Evanston, IL that AHC developed and continues to own and manage). Structured as debt which is convertible to equity, this investment will earn a guaranteed preferred return and will be the first out once the senior loan is retired.