A fund sponsored by CBRE Global Investors announced that it has closed on a $31.7 million senior mortgage loan to finance the acquisition of the Cabana on Washington multifamily complex in Phoenix. The floating-rate loan has an initial term of two years and can extend up to five years.
Located at 5300 East Washington Street, the 226-unit multifamily property, which has been rebranded The Grayson on the Rail by the borrower, offers a range of studio to two-bedroom layouts. Apartment features include nine-foot ceilings, wood-style vinyl plank flooring, large low-energy windows, high-end cabinetry in the kitchen, along with stainless steel appliances and in-unit washers and dryers. Residents have access to an impressive amenity collection that includes a fitness center, a swimming pool and a co-working area.
“The property, which is a recently built Class A multifamily development, offers us a compelling loan basis and an underlying credit profile consistent with the fund’s investment themes,” said Charles Kim, Managing Director for CBRE Global Investors. “The property was delivered in May of 2020 and, despite the COVID-19 pandemic, was leased to stabilization in just eight months. We believe the product quality, coupled with its location close to the Loop-202 freeway and neighboring population centers, will enable the property to maintain high occupancy.”
5300 East Washington Street is situated just off the Loop-202 freeway, offering a 15-minute commute to downtown Phoenix and quick access to other bustling population centers, like Tempe and Scottsdale. The Phoenix Sky Harbor International Airport is a seven-minute drive from the property.