Berkadia today announced the sale and financing secured for Tides on Thomas, a garden-style multifamily property totaling 187-units in Phoenix. Senior Managing Director Ric Holway, Senior Director Dan Cheyne and Senior Managing Director Mark Forrester of Berkadia’s Phoenix office completed the $24.5 million sale on behalf of the seller, California-based Tides Equities. The deal closed on July 31.
Managing Director Lucas Donahue, also of Berkadia’s Phoenix office, secured $17.8 million in financing for the acquisition of the property on behalf of the buyer, an undisclosed entity. The 10-year Freddie Mac loan features a 70 percent loan-to-value ratio and a five-year interest only period.
“Tides on Thomas offered the buyer the ability to acquire a fully renovated community in the dynamic submarket of Lower Arcadia in East Phoenix,” said Holway. “The buyer completed a 1031 exchange and was drawn to the asset’s strong location and the walkability to neighborhood amenities.”
“We were pleased to provide this direct acquisition financing,” said Donahue. “The long-term non-recourse fixed rate financing will allow the borrower to maximize return on investment.”
Located at 4815 E Thomas Road, Tides on Thomas features studio, one- and two-bedroom floor plans with new flooring and central air conditioning. Community amenities include three swimming pools, a spacious outdoor area with barbecue stations, laundry facilities, a basketball court and assigned covered parking. Residents are afforded convenient access to Scottsdale, Sky Harbor, Camelback Corridor and neighborhood shopping.