REBusinessOnline

PARADISE FOOTHILLS IN PHOENIX RECEIVES $8M IN ACQUISITION FINANCING

PHOENIX – The 180-unit Paradise Foothills in Phoenix has received $8 million in acquisition financing. The community is located at 12231 N. 19th Street. It was built in 1985. Common area amenities include a barbeque and picnic area, two swimming pools, one spa, two laundry rooms, a business center and a courtyard. Paradise is 94 percent leased.

The borrower is a multifamily investor with holdings throughout Arizona. The fixed-rate loan has a seven-year term, a 25-year amortization schedule and an interest rate in the high 3 percent range. Financing was arranged by Peter Harris of Pacific Southwest Realty Services through one of the firm’s correspondent life insurance company lenders, which will service the loan until maturity.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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