Tag Archives: multifamily financing

San Brisas

HFF finances multifamily property in Chandler, Ariz.

HFF announced that it has arranged financing for two garden-style multi-housing communities – San Brisas in Chandler, Arizona and The Preserve at Arbor Hills in Plano, Texas.

HFF worked on behalf of Pure Multi-Family REIT LP, to secure the seven-year loan through Northwestern Mutual.  Loan proceeds were used to acquire the properties.

San Brisas is located at 900 North Rural Road, less than three miles from Interstate 10 and approximately 19 miles southeast of downtown Phoenix.  Completed in 1996, the property is 96 percent leased and includes 208 one-, two and three-bedroom units averaging 1,006 square feet each.  Community amenities include a heated outdoor swimming pool, hot tub, fitness center, barbecue grills and sand volleyball court.

The Preserve at Arbor Hills is located at 7001 West Parker Road adjacent to the Arbor Hills Nature Preserve and approximately 21 miles north of downtown Dallas.  Completed in 1998, the property is 97 percent leased and includes 330 one-, two- and three-bedroom units averaging 940 square feet each.  Community amenities include a resort-style tropical pool with waterfall, heated spa, 24-hour fitness center, picnic areas with barbecue grills, business center and coffee bar.

The HFF team representing the borrower was led by senior managing director John Brownlee.

Brookwood Apartment Homes in Tucson, Ariz.

Walker & Dunlop finances $107M in Arizona properties

Walker & Dunlop, Inc. announced that it recently provided $107,130,323 for multifamily properties in Arizona.

Brandon Harrington and Matt Steffen led the team that structured the $5.1M loan for Casa Maribela, a 191-unit fractured condominium building in Phoenix. The W&D team structured and closed the 5-year non-recourse CMBS loan 30 days after receiving the signed application from the borrower. The team also recently closed a 30-year fixed-rate fully amortizing Fannie Mae loan for The Meadows, a 165-unit multifamily property in Phoenix.

Harrington, Steffen and Jeff Burns led the team that provided the $8.256M Fannie Mae acquisition loan for Brookwood Apartment Homes, located in Tucson. Although Tucson is a Fannie Mae pre-review market, limiting loan to cost and DSCR, Walker & Dunlop was able to structure the loan at 72.25 percent loan to cost with one-year interest.

Will Baker and his team recently structured $34.954M through Freddie Mac’s Targeted Affordable Housing CME Program for 11 properties (1,211 units) located in Chandler, Phoenix, Surprise, Mesa and Prescott. The complex transactions required numerous approvals from separate municipalities for first-time GSE borrower, Atlantic Development. Walker & Dunlop structured the loans, originated by Capital Advisors Executive Vice President Shippen Browne, with 10-year terms for the properties, all originally built with Low Income Housing Tax Credits with varying levels of rent and income restrictions.