NorthMarq’s Phoenix investment sales team of Trevor Koskovich, president, Bill Hahn, executive vice president and Jesse Hudson, vice president secured the sale of Sierra Vista. The 258-unit multifamily property is located at 3535 North 1st Avenue in Tucson, Arizona. NorthMarq represented the buyer, Tower 16 Capital Partners, LLC, and facilitated the sale on behalf of the seller, Sierra Vista Apartments LLC.
“Sierra Vista was an intriguing opportunity for the buyer to acquire a well-located, value-add asset with economies of scale,” said Hudson. “The asset is within close proximity to the University of Arizona, University Medical Center, and the Catalina Foothills retail and employment corridor.”
Financing for the transaction was sourced by NorthMarq’s debt/equity team of Brandon Harrington, managing director, Bryan Mummaw, senior vice president, and Tyler Woodard, vice president arranged financing for the borrower, Tower 16, through the company’s relationship with a national bridge lender. The bridge loan was structured with a three-year initial term allowing for future funding of the borrower’s capital expenditures.
“We ran a competitive marketing process for the debt, and were able to leverage our strong relationship with the chosen lender to offer excellent terms and a seamless execution” said Harrington.