HFF announced $17.3 million in financing for Spring Meadow, a 271-unit, apartment community in the Phoenix suburb of Glendale, 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 a national bank. The partnership acquired the property on an all-cash basis in October 2017, and this loan was arranged post-close to assist with their capital expenditure program. This transaction follows four other recently announced loans HFF arranged on the partnership’s behalf for Greentree Place and Autumn Creek Apartments in Chandler, Arizona, as well as Brynwood and Sereno Park Apartments in San Antonio, Texas.
Spring Meadow is located at 10030 North 43rd Avenue minutes from downtown Glendale, Glendale Community College and Westgate City Center. The property is also close to Interstate 17 and State Highway 101, which offers accessibility around the greater Phoenix metropolitan area. Spring Meadow comprises one- and two-bedroom units ranging from 525 to 918 square feet. Some of the units have undergone recent upgrades to include new appliances, flooring, paint, fixtures and in-unit washers and dryers. Amenities include a swimming pool, hot tub, barbecue/picnic area, fitness center and covered parking.
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.