Everly at Morrison Ranch, a freshly built Class A garden-style apartment community in Gilbert, just locked in a hefty refi as it edges toward full stabilization.
PCCP has provided a $51.8 million senior loan to refinance the 236-unit complex at 4353 E. Elliot Road. The community was completed in 2025 and is moving toward full stabilization. The new financing goes to a joint venture between Phoenix Capital Management and local developer P.B. Bell.
Debt Details and the Players
According to ConnectCRE, PCCP's $51.8 million senior loan refinances the Gilbert complex and backs the joint venture pairing Phoenix Capital Management with P.B. Bell. The report notes that the property was built in 2025 and was roughly 97% leased at the time of the refinancing as it shifts from lease-up to stabilized operations. ConnectCRE reports that the financing was structured as a senior refinance that replaces earlier development capital.
Apartment Features And Amenities
The property's leasing website touts a resort-style lineup of amenities, including a pool and spa with cabanas, a 24-hour fitness center, a pet park and pet spa, EV charging stations and a private clubhouse with workspaces, as listed on the Everly at Morrison Ranch site. Those features mirror the developer's original pitch when P.B. Bell announced pre-leasing and said the community complements the Morrison Ranch master-planned neighborhood. The leasing site also highlights one-, two- and three-bedroom floor plans and includes an interactive site map of the community.
Size, Leasing And Market Context
Industry data puts Everly's scale and performance in context. The community totals 236 units at 4353 E. Elliot Road and, per ConnectCRE, averages roughly 986 square feet per unit, with a unit mix that leans toward two-bedroom apartments and was about 97% leased at the time of the refinance. Cushman & Wakefield's Phoenix pipeline report lists Everly among the recent deliveries in Gilbert and includes the project on its Phoenix multifamily pipeline, reflecting continued suburban supply in the East Valley. That mix of new supply and strong early leasing helps explain why institutional lenders are stepping in with takeout loans on newly completed garden-style communities.
Why This Refi Matters
PCCP's website states that the firm "originates senior and mezzanine loans secured by commercial real estate," which lines up directly with its role in this deal. The firm's debt platform notes that it underwrites loans to fund lease-up and stabilization and also originates permanent financing on stabilized assets. With Everly approaching stabilization, a senior refinance fits the playbook. Reporters say sponsors did not disclose additional loan terms in their coverage.
