103
FLAGSTAFF, ARIZ — Timberline Place, a Class A apartment/condo complex in Flagstaff, has received $4,087,000 in acquisition financing. The funds will be used to purchase 102 units of the 204-unit complex. The community was built in 2000 and converted into condos in 2006 following a major upgrade. Only half of the units had sold by 2010, however. Tim Storey and Patrick Barkley of Newmark Realty Capital’s Phoenix office arranged the five-year loan for the remaining units through a local bank.