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TEMPE, ARIZ. — Knighthead Funding has arranged an $11 million refinancing loan for The Heights on Lemon, a multifamily property in Tempe. The loan will refinance the existing facility and provide financial flexibility to the borrower, 1224 Lemon LLC, and its sponsor, Robert La France. With more than 11 years of multi-state real estate investor experience, La France acquired The Heights on Lemon in 2021.
Built in 1976 and fully renovated in 2021, The Heights on Lemon features 65 apartments spread across four buildings. The property was 98 leased at the time of financing. The asset offers 84 parking spaces, a community pool and in-unit washers/dryers.
Reuben Hedaya and Noah Schulman of Pivot Real Estate represented the borrower.