Neal Churney, CCIM, Dave Susank and Adam Finkel in Johnson Capital’s Phoenix office, have arranged a $3.75M loan for a multifamily property called Casa Sol in Phoenix.
The property contains 247 units and was completed in 1985 on 8.065 acres at 4032 W. Osborn Rd. The apartment community is comprised of 17 two-story apartment buildings containing a mix of studios, one-bedroom, two-bedroom, and three-bedroom units. Project amenities include multiple swimming pools, spas, a clubhouse, and a community playground.
The borrower is an experienced Canadian private investor who entered the Phoenix market last year and currently owns two apartment communities in the west valley.
The non-recourse debt was funded by a New York-based regional bank. It is a fixed-rate loan with a 12-year term and a 30-year amortization schedule. The initial interest rate is in the low 4% range and it has a loan-to-value ratio of 62%.
Commenting on the loan placement, Finkel said, “The timing of this transaction created some additional challenges as we were in an especially volatile interest rate environment. Nevertheless, we were able to meet the client’s goals and objectives by securing a long-term, non-recourse loan with an extremely low interest rate relative to the market.”
