Arizona

CBRE Negotiates $37M Refinancing for 170-Unit Seniors Housing Community in Arizona

by Amy Works April 27, 2018

SCOTTSDALE, ARIZ. — CBRE has arranged a $37 million refinancing for Andara Senior Living, a 170-unit independent living and assisted living community in the Phoenix suburb of Scottsdale. The borrower is The Reliant Group, which acquired the community in 2013 from the original developer. At that time, Reliant brought in Senior Lifestyle Corp. as operator and implemented a capital improvement plan, leading to an occupancy rate regularly above 90 percent. The Freddie Mac loan includes a seven-year term, fixed rate and 36 months of interest-only payments. Aron Will of CBRE National Senior Housing, along with Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group, arranged the financing.

April 27, 2018

Arizona Loans Multifamily Seniors Housing Western

Walker & Dunlop Provides $17M Freddie Mac Refinancing for Seniors Housing Community Near Phoenix

by Amy Works April 26, 2018

GILBERT, ARIZ. — Walker & Dunlop Inc. has provided $17 million in Freddie Mac financing for American Orchards, an assisted living and memory care community in the Phoenix suburb of Gilbert. Completed in June 2016, American Orchards consists of two distinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Building with 35 memory care suites. The 10-year, non-recourse, fixed-rate financing features two years of interest-only payments. The transaction will allow the borrower — American Care Concepts — to pay off existing bank debt while cashing out equity for future projects. Walker & Dunlop’s team included Kevin Giusti, Jeff Ringwald and Bill Jackson.

April 26, 2018

Arizona Loans Multifamily Western

HFF Secures $29.3M Acquisition Financing for 256-Unit Apartment Property in Suburban Phoenix

by Amy Works April 25, 2018

CHANDLER, ARIZ. — HFF has arranged $26.3 million in financing for Greentree Place, an apartment property located at 250 S. Elizabeth Circle in Chandler, a suburb of Phoenix. Josh Simon and Brad Miner of HFF worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA-managed fund. The five-year, floating-rate loan was used to acquire the property and includes a future-funding component to provide the borrower with a capital expenditure program. The 256-unit property features a mix of one- and two-bedroom layouts, resort-style swimming pool, spa, tennis court, volleyball court, fitness center, business center and courtyards with a community playground.

April 25, 2018

Acquisitions Arizona Multifamily Western

IPA Negotiates $58.3M Sale of Apartment Complex in Phoenix

by Amy Works April 24, 2018

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Escape, an apartment complex located at 4700 N. 16th St. in downtown Phoenix. P.B. Bell sold the property to Weidner Apartment Homes for $58.3 million, or $239,139 per unit. Built in 2016, the property features 244 apartment units, a resident lounge with billiards tables and views of Camelback Mountain. Steve Gebing and Cliff David of IPA represented the seller and procured buyer in the transaction.

April 24, 2018

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Brokers $2.1M Sale of Apartment Building in Tucson

by Amy Works April 24, 2018

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Bellevue Winstel Apartments, an apartment building located at 3737 E. Bellevue St. in Tucson. Gould Family Properties VIII LLC sold the property to 3737 E. Bellevue Street LLC for $2.1 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield|PICOR handled the transaction.

April 24, 2018

Arizona Development Multifamily Seniors Housing Western

BridgeWater Opens 140-Unit Affordable Seniors Community in Midtown Phoenix

by Amy Works April 20, 2018

PHOENIX – BridgeWater Assisted Living has opened BridgeWater Assisted Living Midtown, a 140-unit affordable seniors housing community in Phoenix. This is BridgeWater’s second affordable community in the Phoenix metro. The property is seven stories tall and offers assisted living and memory care services using the Medicaid ALTCS program, which allows Medicaid to pay for services that are normally private pay. Veterans eligible for Wartime Pension may also qualify for supplemental aid and benefits.

April 20, 2018

Arizona Industrial Loans Western

Alliant Credit Union Closes $14.6M Refinancing for Industrial Property in Chandler, Arizona

by Amy Works April 18, 2018

CHANDLER, ARIZ. – Alliant Credit Union has arranged a $14.6 million loan for the refinancing of an industrial property located in Chandler. The property features 162,714 square feet of distribution space. The undisclosed sponsor had recently closed with a higher interest rate bridge loan and was seeking a low-leverage transaction to replace that debt. Alliant structured the 10-year loan with a 30-year amortization schedule and two years of interest-only payments.

April 18, 2018

Acquisitions Arizona Multifamily Western

Alpha Wave Investors Sells 60-Unit Apartment Community in Tucson

by Amy Works April 17, 2018

TUCSON, ARIZ. — Alpha Wave Investors, a private equity investment firm, has completed the disposition of Skyline Park Apartments, a multifamily property located at 5290 S. Park Ave. in Tucson. A Southern California-based owner of multifamily properties purchased the asset for $2.6 million. Alpha Wave originally acquired the property in 2017, implemented a repositioning/renovation program and rebranded the property to Skyline Park Apartments. Built in 1985, the two-story property features 60 units in a mix of one- and two-bedroom layouts, a swimming pool and children’s play area. Bill Hahn, formerly of Colliers and now with NorthMarq, represented the seller, while Alon Shnitzer of ABI Multifamily represented the buyer in the deal.

April 17, 2018

Acquisitions Arizona Multifamily Western

North American Development Buys One-Acre Parcel in Phoenix for $100M Residential Project

by Amy Works April 16, 2018

PHOENIX — Florida-based North American Development Group has acquired a one-acre parcel within Arizona Center Project in downtown Phoenix. San Diego-based Parallel Capital Partners sold the site within the 16-acre development for an undisclosed price. North American Development plans to construct Palm Court Tower, a 30-story residential tower on the site at 440 E. Van Buren St. Slated for completion in 2020, the $100 million project will feature 350 residences, a swimming pool terrace, a six-level parking garage and a fitness facility. The residences will range from studio to three-bedroom units in eight different floor plans. Phoenix-based Will Bruder Architects & Forum Studio is designing the development, which is slated to break ground in late 2018.

April 16, 2018

Arizona Multifamily Western

MIG Real Estate Purchases 209-Unit Apartment Complex in Mesa, Arizona

by Nellie Day April 16, 2018

MESA, ARIZ. — MIG Real Estate has acquired the 209-unit Trails at Harris Apartments in Mesa for $22.1 million. The community is located at 1653 S. Harris Drive. Trails at Harris Apartments was built on nearly 10 acres in 1983. All units include all-electric kitchens, walk-in closets, standing showers and linen closets. Outdoor balconies or patios and stackable washer and dryers are available in select units. The apartments are a value-add opportunity for MIG. Interior renovations will include updated countertops, a stainless-steel appliance package, new cabinetry, synthetic plank flooring, and updated light and plumbing fixtures in all units. The leasing, fitness and pool areas will undergo renovations to freshen the space and enhance use. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller.

April 16, 2018

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