Arizona

Truist Provides $52M Loan for Tides at South Tempe Multifamily Property in Arizona

by Amy Works June 24, 2020

TEMPE, ARIZ. — Truist Commercial Real Estate has originated a $52 million balance sheet loan for the Tides at South Tempe apartment community. The borrower is a joint venture between Tides Equities and FCP. The loan will allow Tides Equities and FCP to continue to implement the value-add business plan for the property. Once complete and stabilized, the owners expect to refinance the debt via an agency loan from Grandbridge Real Estate Capital, a division of Truist. Situated on 20.5 acres at 4130 S. Mill Ave. in Tempe, the garden-style community features 442 apartments, covered parking, guest parking, on-call maintenance, pre-installed WiFi, a spa, assigned parking, cable television, disability access, laundry facilities, a picnic area with barbecues, swimming pool and fitness center. Jonathan White of Truist Real Estate Capital’s Agency Bridge program, Scott Cook of Truist National Real Estate and Evan Hom of Grandbridge Real Estate Capital originated the loan transaction.

June 24, 2020

Arizona Development Multifamily Western

Watermark Residential Buys Development Site for $43M Multifamily Community Near Phoenix

by Amy Works June 23, 2020

GILBERT, ARIZ. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired a 10-acre land site located in Gilbert for the development of The Wyatt by Watermark, a $43 million apartment project located at 1205 S. Gilbert Road. Slated for completion in late 2021, The Wyatt will feature 216 one-, two- and three-bedroom apartments averaging 978 square feet. Units will include a gourmet bar-kitchen with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers/dryers. Community amenities will include a clubhouse, 24-hour fitness center, swimming pool with cabana, pet-friendly park and dog spa. The Wyatt is the third of six developments to be funded by the Watermark 3G Development Fund II, which closed in late 2019. Watermark also owns the 250-unit Watermark at Gateway Place in Gilbert.

June 23, 2020

Arizona Development Multifamily Western

Leon Capital Selects McShane Construction to Build 202-Unit Kierland Apartments in Scottsdale

by Amy Works June 22, 2020

SCOTTSDALE, ARIZ. — Leon Capital Group has selected McShane Construction Co. to build Kierland Apartments, a multifamily property in Scottsdale. Situated on 1.7 acres at 7111 E. Tierra Buena Lane, Kierland Apartments will feature five stories of wood-frame construction over a two-story concrete podium with one sub-grade level. The exterior façade will consist of a mix of stucco, stone and metal panels with wire and glass railings on the balconies. The 202 apartments will offer high-end finishes, beverage centers and premium appliances, with some units featuring NanaWall folding glass door systems that lead to private balconies. Floors three through six will offer a mix of studio, one-, two- and three-bedroom layouts, while the top floor will consist of penthouse suites with upgraded finishes. Community amenities will include underground parking for residents; bicycle storage; a clubhouse with a poker room and community kitchen; and a deck with a saltwater swimming pool, spa and barbeque area. Completion of the property, which Design Studio Architects designed, is slated for August 2022.

June 22, 2020

Acquisitions Arizona Multifamily Western

Long Beach Trading Co. Acquires Lyra Residences Rental Townhomes in Phoenix for $8.1M

by Amy Works June 19, 2020

PHOENIX — Long Beach Trading Co. has purchased Lyra Residences, a rental townhome community located at 2950 N. 38th St. in Phoenix. Lyra Residences 38th St LP sold the asset for $8.1 million, or $450,333 per unit. Built in 2020, Lyra Residences features 18 two-story smart homes, averaging 1,778 square feet. The three-bedroom, two-and-one-half-bath townhomes offer private backyards, two-car garages, full-size washers and dryers, high-speed internet, keyless door entry, doorbell cameras and smart climate control, among other technologies. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyer and seller the transaction.

June 19, 2020

Acquisitions Arizona Retail Western

NKF Arranges Sales of Three Retail Buildings in Arizona

by Amy Works June 18, 2020

PHOENIX AND MESA, ARIZ. — Newmark Knight Frank (NKF) has brokered the sales of three retail properties totaling 48,188 square feet in Phoenix and Mesa. The properties include Don Carlos Plaza, located at 2651-2667 W. Baseline Road in Mesa; Meineke, located at 2056 W. Southern Ave. in Mesa; and Fairway Plaza, located at 5843 W. Indian School Road in Phoenix. Terms of the transactions were not released. Chase Dorsett, Steve Julius and Jesse Goldsmith of NKF represented the sellers for the Don Carlos Plaza and Meineke deals and both parties at Fairway Plaza.

June 18, 2020

Arizona Development Loans Office Western

NorthMarq Arranges $73.5M in Financing for Spec Office Development in Chandler, Arizona

by Amy Works June 17, 2020

CHANDLER, ARIZ. — NorthMarq has arranged a $46 million construction loan and $27.5 million mezzanine equity investment for a Class A speculative office project in Chandler. Bank OZK provided the loan to an affiliate of Douglas Allred Co. An insurance company, with NorthMarq as correspondent, provided the mezzanine equity. Situated within Park Place, a 200-acre master-planned business park assembled and developed by Douglas Allred Co., the new project will feature two three-story buildings totaling 300,000 square feet and an 800-stall parking structure. The concrete tilt-up buildings will offer 10- to 12-foot ceiling heights, high-quality finishes and a 6/1,000 parking ratio. Completion slated for October 2021. San Diego-based Douglas Allred Co. begin assembling and developing Park Place in 2007 and to-date has completed 1.5 million square feet of office, manufacturing and retail space within the assemblage. The office buildings total 1.2 million square feet and are 95 percent leased to mostly national companies.

June 17, 2020

Acquisitions Arizona Office Western

CBRE Negotiates Sale of 141,000 SF Wells Fargo Gainey Center Office Asset in Scottsdale

by Amy Works June 16, 2020

SCOTTSDALE, ARIZ. — CBRE has arranged the sale of Wells Fargo Gainey Center, a Class A office building located at 8601 N. Scottsdale Road in Scottsdale. AREA Exchange Asset III, an affiliate of New York City-based Ascent Real Estate Advisors, acquired the property from Des Moines-based Principal Real Estate Investors for an undisclosed price. Built in 1999, the 141,000-square-foot Wells Fargo Gainey Center features a two-story lobby, flexible floor plates, 20 exterior balconies, a parking ratio of four spaces per every 1,000 square feet and an on-site gym. At the time of sale, the property was 96 percent leased to nine tenants, including Wells Fargo and Kutak Rock, a national law firm. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. Bruce Francis, Tim Bokinsky, Dana Summers, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the acquisition loan with a national life insurance company for the buyer.

June 16, 2020

Arizona Loans Multifamily Western

Greystone Provides $91.3M Fannie Mae Refinancing for 1,406-Unit HSL Multifamily Portfolio in Tucson

by Amy Works June 15, 2020

TUCSON, ARIZ. — Greystone has provided $91.3 million in Fannie Mae Delegated Underwriting and Servicing (DUS) loans to refinance a 1,406-unit multifamily portfolio in Tucson. Dan Wolins of Greystone originated the separate transactions for the borrower, HSL Properties. The financings all carry 10-year terms at a fixed rate, 30-year amortization and five years of interest-only payments. The non-recourse loans refinance four properties in Tucson: the 242-unit Canyon Creek, the 256-unit Ridgepoint, the 336-unit Catalina Canyon and the 572-unit Sycamore Creek.

June 15, 2020

Acquisitions Arizona Loans Multifamily Western

KeyBank Provides $25M in Financing for Chandler Village Apartments in Arizona

by Amy Works June 12, 2020

CHANDLER, ARIZ. — KeyBank Real Estate Capital (KBREC) has provided $25 million in fixed-rate, Fannie Mae financing for LEDG Capital, a real estate investment firm specializing in affordable housing throughout the country. The borrower will use loan proceeds to acquire and renovate Chandler Village Apartments, an affordable multifamily property in Chandler. Robbie Lynn of KBREC’s Commercial Mortgage Group and Steve Sparks of KBREC’s Community Development Lending team structured the financing, which features a 17-year term followed by a 35-year amortization schedule. Built in 1972 on eight acres, Chandler Village Apartments features 127 garden-style apartments spread across 11 two-story residential buildings with covered parking. The property was encumbered by a land use restriction agreement (LURA) that expired on Dec. 31, 2019. As part of the acquisition and renovation, the Arizona Department of Housing plans to grant 4 percent Low-Income Housing Tax Credits (LIHTC) and execute a new LURA that will continue to restrict all units to tenants earning no more than 50 percent of the area median income. The new LIHTC restrictions will apply for a 15-year compliance period and a 15-year extended-use plan, likely ending in 2050.

June 12, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $20.7M Sale of Desert Willow Multifamily Property in Phoenix

by Amy Works June 10, 2020

PHOENIX — Marcus & Millichap has arranged the sale of Desert Willow, an apartment property located in Phoenix. A limited liability company sold the asset to an undisclosed buyer for $20.7 million. Located at 2025 W. Indian School Road, Desert Willow features 280 apartments in a mix of 128 studio units, 144 one-bedroom units, four two-bedroom/one-bath units and four two-bedroom/two-bath units. The 133,308-square-foot property was built in 1973 and partially renovated in 2012. It also underwent an extensive infrastructure replacement campaign between 2015 and 2019. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented the seller in the deal.

June 10, 2020

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