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

Tides-South-Tempe-AZ

Located in Tempe, Ariz., Tides at South Tempe features 442 apartments, a swimming pool and spa, covered parking and laundry facilities.

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.

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