Hunt Real Estate Capital Funds $9M Loan to Refinance Rancho Palos Verde Apartments in Arizona
MESA, ARIZ. — Hunt Real Estate Capital has provided $9 million in Freddie Mac financing for the refinancing of Rancho Palos Verde Apartments, a multifamily property located in Mesa.
The undisclosed borrower now owns all 152 units of the condominium community and plans to operate the asset as a garden-style apartment complex. The borrower acquired the property from various owners between September 2018 and February 2019.
The property comprises 13 two-story residential buildings, which feature 48 one-bedroom/one-bath units, 56 two-bedroom/two-bath units and 48 two-bedroom/two-bath townhouse-style units. Community amenities include a leasing office, fitness center, swimming pool with spa, covering parking, and pedestrian and vehicle access gates.