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4/18/14
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Neal Churney, CCIM, Senior Vice President, and Adam Finkel, Vice President, in Johnson Capital’s Phoenix office, have arranged a $9.38 mil loan for a multifamily property located in Phoenix AZ.
The property, Bayside Apartments, contains 176 units and was completed in 1999 on 7.81 acres located at 20245 N. 32 Drive. The property has a swimming pool and spa, along with a standalone office and fitness center, with in-unit washers and dryers.
The borrower is a Mexico-based investor that has been a long time client of Churney’s. The borrower acquired the property in 2012, and the new loan is a cash-out refinance. The refinance will provide the client additional money to invest in another project currently under development in California.
The non-recourse, 12-year loan was funded by an east coast bank with a loan-to-value ratio of 75%. It has a 30-year amortization schedule and an interest rate that starts in the high 3% range. The interest rate is fixed for the first five years and then can be adjusted to a rate equal to 275 basis points over Prime.
Commenting on the loan, Churney said, "The client was looking for a non-recourse loan with the lowest rate available rate at the highest leverage possible. We were able to meet all the client’s requirements and help facilitate the closing to meet the cash-out requirement.”
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