NorthMarq completes the acquisition financing for the 264-unit, Sombra Apartments with a $15,738,000 Freddie Mac loan. NorthMarq’s Phoenix Debt and Equity team led by Brandon Harrington, managing director and Tyler Woodard, vice president, arranged the financing for the borrower at over eighty percent loan to purchase price. The property is located at 2020 West Glendale Avenue in Phoenix, Arizona. The borrower was ReNUE Properties of Scottsdale, Arizona.
“It was a pleasure working with ReNUE Properties on this acquisition, as they continue to increase their portfolio of Affordable properties within the Phoenix MSA,” said Harrington.
The 264-unit Sombra apartment community, built in 1973, comprises one-, two-, and three-bedroom units. The asset is fully affordable and subject to a LURA that limits one hundred percent of the units at 60 percent AMI. The property is situated along the I-17 corridor.