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6/26/17
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P.B. Bell Companies has refinanced Siena on Baseline, a 352-unit multifamily property in Phoenix, with a $28.5 mil loan arranged by Meridian Capital Group.
Siena on Baseline, located at 4520 East Baseline Rd, is a two-story, garden-style multifamily community. The property’s ideal location offers direct access to a number of freeways, including Interstate 10 and Superstition Freeway, as well as Downtown Phoenix, the Phoenix Convention Center and Arizona State University.
The seven-year, non-recourse loan, provided by an agency lender, features a floating rate and two years of interest-only payments. It was negotiated by Meridian’s Seth Grossman, Sarah Kuebler and Ryan Gandell.
“Meridian originally financed the acquisition of Siena on Baseline on behalf of P.B. Bell less than 24 months ago,” explained Grossman. “Due to the attractive Phoenix market, coupled with strong management and the extensive upgrades our client has completed, there has been a significant increase in the property’s performance since the acquisition,” he added.
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