Artemis Realty Capital, LLC Funds $6.245 Million For A 198-Unit Multifamily Property In Glendale

Artemis Realty Capital has recently funded a 6.245MM bridge loan at 65% LTC for Northwest Gardens, a 198-unit Class B community located in northwest Phoenix on 67th Avenue.  The California based investment group acquired the property for 9.005MM and plans to spend 600M on capital expenditures.  With the closing of this loan, Artemis has successfully funded over 6,000 value-add multifamily units in the Southwestern United States.

 

Transaction and Property Highlights 

  • Certainty of Execution in Limited Time Frame
  • 65% Loan to Cost (“LTC”)
  • Non – Recourse structure 
  • Existing client owns in excess of 1,000 units in Arizona
  • Attractive loan basis per door 
  • 803 Sq.Ft. Average Unit Size 
  • Full-size washer/dryer capable units  
  • Current rents below market 
  • 66% two bedroom units 
  • 86% current occupancy 
  • Limited Prepayment Penalty

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