Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $36.3 million in financing for Capital Place, a 292-unit, Class A multi-housing community in downtown Phoenix, Arizona.
HFF worked exclusively on behalf of the borrower, Epoch Residential, to place the three-year, floating-rate loan with a life company lender.
Capital Place is located on the eastern edge of downtown Phoenix near attractions such as the Phoenix Convention Center, Chase Field, Talking Stick Resort Arena, Phoenix Biomedical Campus and Arizona State University’s downtown campus. The transit-oriented, mid-rise community is also adjacent to the Phoenix Valley Metro light rail, which connects downtown Phoenix to Tempe, Mesa and the Phoenix Sky Harbor International Airport. Completed in 2016, Capital Place has 292 units averaging 827 square feet with high-end amenities, including stainless steel appliances, custom kitchen cabinets, granite countertops, faux wood flooring and covered balconies. The community also features a resort-style pool with spa, barbecue grills and private cabanas; state-of-the-art fitness center; clubhouse; business center; game and media room; controlled access and garages.
The HFF debt placement team representing the borrower was led by managing director Elliott Throne and senior director Brad Miner.
“Downtown Phoenix continues to attract capital from developers and lenders alike,” Miner said. “The property’s location on the light rail along with positive leasing momentum, institutional quality of the asset and strong sponsorship resulted in significant interest from various debt providers.”