Alliance Bank of Arizona finances $255M in East Valley development
AZRE
Alliance Bank of Arizona, the region’s go-to business banking resource, continues to finance Phoenix’s fast-growing East Valley, with more than $255 million in loans over the last 18 months, including financing 1.74 million square feet of ground-up commercial projects and over 434 acres of single-family residential projects.
Growing substantially over the last 10 years, the East Valley as a whole is approaching a population of 1.4 million residents and nearly 800,000 jobs, according to the East Valley Partnership. In Chandler alone, 3,000 new jobs are on the horizon as Intel looks to complete its $7 billion semiconductor facility. The East Valley accounted for 59 percent of the region’s 3.14 million square feet of office leasing last year, according to commercial real estate firm JLL. When it comes to housing growth, heat maps show the bulk of new residential building in the Phoenix metro area is happening in the Southeast Valley.
“Alliance Bank of Arizona has stepped forward to finance an array of important new projects in the East Valley focusing on core locations that offer immediate access to the region’s growing workforce, housing and transportation corridors,” said Ericka LeMaster, senior vice president of commercial real estate for Alliance Bank of Arizona. “We have been and will continue to be vested in the area, not only with lending, but also by expanding our banking locations, such as our newly opened Gilbert branch.”
