JLL Capital Markets announced today that it has arranged $81.5 million in refinancing for a four-property, multi-housing portfolio in Arizona. The portfolio includes the following apartment communities: Artisan Park, Sierra Walk, Summers Point in Glendale, and Glenrosa Park in Phoenix.
JLL worked on behalf of the borrower, a partnership between Wealhouse Capital and Western Wealth Capital, to secure four seven-year, floating-rate loans, through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. This marks the second deal JLL has coordinated in partnership with Wealhouse Capital and Western Wealth, with the firm arranging a $185.63 million refinancing for a five-pack multi-housing portfolio in Phoenix in June 2020.
“Wealhouse truly appreciates the re-financing proceeds from Freddie Mac so that we can continue to grow our investments in our existing multi-housing assets for the benefits of our tenants,” said Scott Morrison, CEO of Wealhouse Capital. “We have been so very impressed with the resiliency of the Phoenix sub-markets during such difficult times.”
Located at 9350 N. 67th Ave., the Artisan Park apartments are newly renovated and consist of 198, one- and two-bedroom units. The property’s total square footage is 161,777 SF with community amenities including a recreation room, fitness center, picnic and barbecue areas, clubhouse, swimming pools and more.
The Sierra Walk apartment homes are located at 4748 W. Sierra Vista Dr., totaling 162,147 square feet, and has 196 one- and two-bedroom units. Units include a stainless-steel appliance package, large closets and patios/balconies. Community amenities include a hot tub and barbecue/picnic area, resort-style pool and spa, courtyard and playground, among others.
The modern-style Summers Point apartments are located at 4441 W. Bethany Home Rd. and contain 164 studio, one- and two-bedroom units. Unit amenities boast patios/balconies and large windows, is pet-friendly, and community features include picnic areas and pools.
The Glenrosa Park apartments are located at 4337 N. 53rd Ln. in Phoenix, totaling 197,204 square feet and consist of 236 one- and two-bedroom units. Units have pool or courtyard views, hardwood floors and patios/balconies with community amenities including picnic areas, gated entry, courtyards, playground, pool and carport.
The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon and Senior Director Brad Miner.
“Continued resiliency in the Phoenix apartment market coupled with operational excellence by the Wealhouse and Western Wealth teams allowed us to place optimal financing on these four assets with Freddie Mac,” Miner said.
“It’s always a pleasure working with the borrower and their impressive portfolio, and we are grateful for our partners at Freddie Mac, who remained steadfast through the process and executed their part expertly,” Simon added.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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