HFF announced $33.5 million in financing for Autumn Creek Apartments, a 360-unit, multi-housing community in the Phoenix suburb of Chandler, Arizona.
The HFF team worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA, Inc.-managed fund, to secure the five-year, floating-rate loan through an international bank. The loan was used to acquire the property and includes a future-funding component to assist the borrower with their capital expenditure program. This transaction follows the recent announcement of financing HFF arranged on behalf of the partnership with the same lender for Greentree Place, a 256-unit apartment community less than 2.5 miles south of Autumn Creek Apartments.
Autumn Creek Apartments is located at 1320 N. McQueen Road approximately one mile east of N. Arizona Avenue and 23.5 miles southeast of the Phoenix CBD. In addition, the property offers nearby access to a variety of major shopping, dining and entertainment amenities such as Downtown Chandler, Tumbleweed Park and San Marcos Golf Course. The two-story, garden-style community features fountains, expansive lakes, streams and resident amenities, including a swimming pool, basketball and volleyball courts, fitness center and business center. Autumn Creek Apartments is 95 percent occupied.
The HFF team representing the borrower included managing director Josh Simon and senior director Brad Miner.
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.