Grandbridge finances $67M Arizona multifamily community
Grandbridge Real Estate Capital recently closed a $67,000,000 first trust deed mortgage secured by a 523-unit multifamily complex located in Tempe, Ariz. Financing was arranged by Tom Kenny, Senior Vice President, and Josh Boehling, Vice President, both based in Grandbridge’s Orange County, Ca., office.
Funding for the fixed rate refinance loan was provided through Fannie Mae’s DUS® loan product and featured a 12-year term with interest-only payments during the first five years followed by a 30-year amortization schedule. The interest rate for the transaction was locked at 3.78%.
Located in the Phoenix/Mesa MSA just steps away from Tempe Town Lake, the upscale contemporary Class-A community features 523 units (mix of studio, 1-, 2-, 3- and 4-bedroom floorplans) and totals 443,258 square feet of rentable space. The five- and six-story, 12-building community features stunning lake views. The site features top of the market amenities including: a rooftop sky lounge, resort style pools/spas, private cabanas and entertainment areas with outdoor fireplaces and gas grills. Inside, residents have access to a contemporary five-story clubhouse with kitchen, coffee bar and Internet café, a two-story 24 hour access fitness center and spin studio, business and conference center, private parking structures and attached garages. Units feature gas fireplaces, full-sized washers and dryers, and fully appointed kitchens with granite countertops, stainless steel appliances, gas ranges and custom cabinetry. The community is just steps away from lake jogging and biking trails.