Newmark® has secured nearly $10 million in acquisition financing and cash-out refinancing for three separate multifamily properties located in the Phoenix metropolitan area. Adam Parker, Principal, and Chad Metzger, Associate Vice President, worked with the borrower in arranging the loans through two separate regional banks. This will be the 6th loan successfully arranged for this out-of-state borrower since 2013.
· New Horizon Apartments – Acquisition financing for a 51-Unit complex located just west of Papago Park on McDowell Road in Phoenix, AZ. The 10-year, 5-year fixed-rate loan was placed with a regional bank.
· Park Mesa Apartments – Acquisition financing for a 42-unit, garden-style multifamily complex located just north of the revitalizing Fiesta District in Mesa, AZ. The 10-year, 5-year fixed-rate loan was placed with a regional bank.
· Greenwood Apartments – Cash-out refinancing for a 69-unit, garden-style complex located in Goodyear just south of Interstate 10. The 10-year, 3-year fixed-rate loan was placed with a regional bank.