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September 18, 2018
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Newmark Arranges $20 Mil on Six AZ Multifamily Properties

9/06/18

Newmark has secured $20 mil in financing for six separate multifamily properties, five of which are located in Phoenix, AZ. Newmark’s Adam Parker and Chad Metzger arranged the financings, which were funded through various regional banks and a debt fund.

One of the transactions consisted of $9.88 mil in financing for four multifamily assets totaling 153 units. One of the properties is located in Bullhead City, AZ, and the other three are located throughout Phoenix, AZ - specifically in the Arcadia Lite and the historic Encanto neighborhoods. Financing for the four loans was funded through three different regional banks. The three Phoenix assets included holdback dollars that the sponsor could draw upon to complete property renovations.

In another deal, Newmark arranged $5.77 mil on Maryland Manor Townhomes, a 50-unit, luxury townhome community in Phoenix. The property has an average unit size of 1.4k sf, with all units having their own washer and dryer and a direct-access garage. The cash-out refinance was funded through a regional bank in order to provide the sponsor with funds to build a future multifamily asset. At closing, the subject was 100% occupied with a waiting list of tenants.

The company also arranged $4.12 mil in financing for the Phoenician Townhouse, a 44-unit complex located just west of the North Central Phoenix neighborhood. Prior to acquisition and loan closing, the property operated as a condominium complex ever since it was originally constructed in 1964. The acquisition loan was funded through a debt fund, which allowed for an initial funding of approximately $2.535 mil used to acquire the asset. In addition, the loan offers the borrower a future funding facility that they can draw upon monthly to reimburse 100% of the property's renovation costs.




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