Truist Financial Corporation today announced that SunTrust now Truist, Commercial Real Estate, originated a $52 million balance sheet loan for Tides at South Tempe, a 442-unit multifamily property in Tempe, Arizona.
The project is a joint venture between Tides Equities and FCP®. The joint venture is served by a complementary team from Truist, including: Jonathan White, head of Truist Real Estate Capital’s Agency Bridge program, Scott Cook, Vice President for Truist National Real Estate, and Evan Hom, managing director of Grandbridge Real Estate Capital.
The loan will allow Tides Equities and FCP to continue to execute a value-add business plan for the property. Once complete and stabilized, the project will be refinanced by an Agency loan from Grandbridge Real Estate Capital, a division of BB&T now Truist.
“We are pleased to provide a creative solution encompassing balance sheet capital and agency financing for this joint venture,” commented Scott Cook. “Upon completion, Tides at South Tempe will feature state of the art amenities and will be a great addition to the community.”
“FCP values its longstanding relationship with SunTrust now Truist, and is excited to initiate our first investment in the Phoenix area with them,” said FCP Vice President Bart Hurlbut. “They have consistently provided us with top notch lending services and did a great job on the loan execution for Tides at South Tempe.”
Ryan Andrade, Co-Founder and Principal of Tides Equities, stated “Tides at South Tempe provides an excellent opportunity for partnership between Tides Equities and FCP, acquiring immediate scale in a strong submarket with a proven value-add strategy. The asset has received extensive exterior and deferred maintenance improvements over the past 18 months, and is now primed to capture significant upside via the continuation of the interior unit renovation plan and the strong fundamentals of the market and submarket.”
Tides at South Tempe is located at 4130 South Mill Avenue, Phoenix, Arizona 85282. The property is a 442-unit, garden style apartment community situated on 20.58 acres of land. Community amenities include: covered parking, guest parking, on call maintenance, preinstalled WiFi, soothing spa, assigned parking, cable available, disability access, laundry facilities, picnic area with BBQ, swimming pool, and fitness center.