PHOENIX – A pair of Arizona apartment buildings owned by a Mexico-based investor has received $21.7 million in refinancing. The properties include The Ridge at Sun Valley, a 264-unit community located at 801 N. 59th Ave., and Bayside Apartments, a 176-unit community at 20245 N. 32nd Drive.
The Ridge at Sun Valley received $12.3 million, while Bayside received $9.3 million.
The borrower acquired the properties in 2010. The new non-recourse, 12-year loan is a cash-out refinance. The funds will provide the client additional money to invest in another project currently being developed in California.
The loan was funded by an East Coast bank with a loan-to-value ratio of 75 percent. It has a 30-year amortization schedule and an interest rate that starts in the high 3 percent range. Financing was arranged by Neal Churney and Adam Finkel of Johnson Capital’s Phoenix office.