A joint venture between Bridge Investment Group and Hatteras Sky has secured $130 million in bridge financing to refinance the recently completed Saiya mixed-use residential skyscraper in Downtown Phoenix, Commercial Observer reported. Dwight Investment Management provided the loan for the sponsors' 23-storey development, completed in 2025. The transaction was initiated by Brandon Baksh, Tommy Ng, and Talisse Thompson.
In addition to repaying existing debt, the refinancing also funded an interest reserve, Dwight stated. Brandon Baksh, Managing Director at Dwight, said in a statement that Saiya is considered a key component of the extended Opportunity Zone in the region. He expressed pleasure at the continued growth of the project as retail tenants commence operations and the surrounding area develops further.
Property and Financing Details
The building is located at 802 North First Avenue in Downtown Phoenix's Roosevelt Row Arts District. It comprises 389 residential units, ranging from studios to three-bedroom apartments. This is complemented by 12,550 square feet of ground-floor retail space. Plans include a Pablo’s restaurant and a wellness studio called Yvree, scheduled to open this autumn.
Resident amenities include a two-storey fitness centre, a rooftop lounge with a kitchen, and a dog park. The financing was negotiated by Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, and Sean Bastian of Walker & Dunlop.
