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6/01/17
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CBRE Capital Markets’ Debt & Structured Finance has arranged a $90.8 mil Fannie Mae refi loan on San Sonoma, a 590-unit, Class A+ apartment community in Tempe, AZ. The borrower is a venture formed by Mark-Taylor Inc and Kitchell Corporation.
Located at 9010 South Priest Dr, the garden-style apartment community was constructed between 2015 and 2016, and consists of one-, two-, and three-bedroom apartment units. Unit amenities include 9’ ceilings with ceiling fans, granite countertops, double stainless steel sink, stainless steel appliances, full-size washer and dryer, vinyl wood plank flooring (entry, kitchen and baths), raised-panel doors, dual-pane insulated windows, crown molding, wired for HDTV and digital phone, built-in tech center with high-speed data wiring, intrusion alarm, canned lighting, pantry, and walk-in closet in the master bedrooms. The property also has 128 single garages and 112 tandem garages.
Community amenities include controlled access gates, lush desert landscaping and verdant lawns, large 24/7 fitness center with spin room, one resort-style swimming pool, outdoor cabana with poolside kitchen, complimentary Wi-Fi in amenity areas, Whirlpool spas, picnic area with gas barbecue grills, sand volleyball court, off-leash dog park, and a clubhouse with social lounge.
Rocco Mandala, Anthony Valenzuela and Dominique Damerell of CBRE’s Phoenix office secured the 12-year loan with full-term interest-only payments. The financing came in at 65% LTV.
“Fannie Mae’s financing reflected a near-stabilized underwriting that based the loan amount on the NOI estimate in place within four months after rate lock without any additional collateral or borrower obligation,” said Mandala, vice chairman, CBRE Capital Markets.
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