Berkadia today announced the sale and financing for Villas on Bell, a multifamily garden-style property in Phoenix.
Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the $24.6 million sale on behalf of the buyer, San Diego-based KMG Properties. Managing Director Jackson Cloak and Associate Director Collin Downey of Berkadia’s Irvine office arranged $12.7 million in Fannie Mae financing for the purchase. The seller was RK Properties, based in Long Beach, California, and the deals closed on December 14.
The 10-year fixed rate acquisition loan features a 3.79 percent interest rate and a 30-year amortization schedule.
“In addition to its excellent site location with several thousand jobs nearby, Villas on Bell presents an excellent value-add opportunity for the buyer,” said Forrester.
“The borrower’s experience and relationship with Berkadia, combined with a property that has a proven upside, allowed the borrower to execute a great rate on a long-term, fixed loan with interest only and a flexible pre-payment penalty,” said Cloak.
Located at 4045 W. Bell Road, the 168-unit property features one-, two- and three-bedroom floor plans with nine-foot ceilings, washers and dryers in all units, covered parking, dishwashers and private patios and balconies. Residents enjoy amenities such as a swimming pool, a barbeque area and a fitness center. Villas on Bell was built in 2002 and provides quick accessability to Interstate 17 and Arizona State Route 101.
