Newmark®, the largest independent commercial mortgage banking firm in the western U.S., has secured nearly $15 million in new acquisition financing for two separate multifamily properties in Phoenix, Arizona. Adam Parker, Principal, and Chad Metzger, Associate Vice President, worked with the borrowers in arranging one of the acquisition loans through a debt fund and the other through a regional bank. Pricing and other terms were not disclosed.
- Urban Walk Apartments – $8.37 million in acquisition financing secured by a 151-unit, multifamily property located just south of the Biltmore in Phoenix. Originally constructed in 1973, the property has been partially renovated within the past 12 months. The borrower recognized an opportunity to create additional value through upgrading the unit interiors while raising rental rates. At closing, the property was 95% occupied. With the borrower’s desire for a non-recourse execution and a TIC borrowing entity structure, the acquisition financing was arranged through a regional bank.
- Valencia Townhomes – $6.60 million in acquisition financing secured by a Class-A, luxury 36-unit, multifamily property located in the desirable North Central Phoenix neighborhood. Originally constructed in 2008 as townhomes, the average unit size is 1,333 SF, which is noticeably larger in comparison to other nearby rental properties. The borrower recognized the opportunity for value creation without a significant reposition. And the borrower’s desire for a maximum leverage loan with prepayment flexibility, the floating rate acquisition was arranged through a debt fund.