Churchill Commercial Capital has arranged a $10,800,000 million loan for the acquisition of 32 Arcadia apartments, a 104-unit apartment community located in Phoenix, Arizona. 32 Arcadia was originally built in 1972 as a hotel and was fully renovated in 2019 as all one bedroom apartments with washers & dryers in each unit. Churchill was able to obtain a 12-year, fixed rate loan at an interest rate in the low 3% range at 75% loan-to-value on the buyer’s behalf. The non-recourse loan was funded by a leading Fannie Mae lender and featured interest only payments for 3-years. Cynthia Hammond placed the loan for Cowabunga Two LLC, who acquired the property in the midst of the Covid pandemic, without a change in price, to expand their existing rental housing portfolio in Arizona.
Churchill Commercial Capital is a leading commercial mortgage banking company that enjoys a stellar reputation as a reliable source of debt and equity financing for owners of commercial and multifamily real estate. Established in 1994, they have financed over $3.4 billion in loans and JV equity on office, apartments, industrial, retail, hotel, senior housing, self-storage, single family rental and manufactured housing located in the western USA.