CBRE Capital Markets’ Debt & Structured Finance team announced that it has secured $57.7 million in financing for the acquisition of a 576-unit, Class B+ apartment community in Phoenix, Arizona.
Rocco Mandala, Anthony Valenzuela and Dominique Damerell of CBRE’s Phoenix office secured the seven-year loan with three years of interest-only payments on behalf of the borrower, an entity formed by Security Properties and Pacific Life Insurance Company. The loan was provided by Freddie Mac at 67% LTV.
“Freddie Mac’s financing reflected their Multifamily Green Advantage which provides better pricing, higher proceeds and energy savings for the borrower after committing to reduce energy or water consumption by at least 15 percent within two years of origination,” said Mr. Mandala, vice chairman, CBRE Capital Markets.
Located at 15801 South 48th Street, the Class B+ garden-style apartment community was constructed in 2000. Fifty-nine percent of the units were renovated between 2012 and 2017. Unit amenities include fully-appointed kitchens with name brand appliances, 9’ ceilings, full-size washer and dryer in each unit, private patios/balconies with outdoor storage, and spacious walk-in closets. Some units include built-in computer desks, vinyl plan flooring, double vanity in master bathrooms, roman tubs and attached direct-access garages.
Community amenities include three resort-style swimming pools and spa, poolside ramadas, resident clubhouse with full kitchen, coffee bar, flat screen televisions, gas fireplace, 24-hour fitness center, business center, dog park with washing station, and picnic areas with barbecue grills.