HFF secures $27.52M acquisition financing for Phoenix-area apartments
HFF announced $27.52 million in acquisition financing for San Palmas at Mission Park, a 240-unit, garden-style apartment community in the Phoenix suburb of Chandler, Arizona.
The HFF team worked on behalf of Continental Realty Advisors to secure the seven-year, 3.91 percent, interest-only, fixed-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
San Palmas at Mission Park is situated on 13.94 acres just north of Ray Road at 1111 N. Mission Park Boulevard, which is less than a quarter of a mile east of Loop 101 and approximately 20 miles from the Phoenix CBD. The 30-building property comprises a mix of one-, two- and three-bedroom units featuring fully equipped kitchens, spacious walk-in closets, full-size washers and dryers, and private patios or balconies. Community amenities include a resort-style pool, spa, grilling areas, sand volleyball court, fitness center and clubhouse. San Palmas at Mission Park is 93 percent leased.
The HFF team representing the borrower included senior director Brad Miner, managing director Josh Simon and senior managing director Brian Carlton.
Holliday GP Corp. (“HFF”) is a commercial mortgage broker licensed with the Arizona Department of Financial Institutions, License Number CMB 0935500 and NMLS Number 1524298.