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2/06/17
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Clear Sky Capital recently purchased Tatum Place, a 164-unit multifamily property in Scottsdale, AZ. The acquisition was funded with a $15.5 mil loan arranged by Meridian Capital Group.
Tatum Place, located at 16801 North 49th St, east of Hwy 51 and south of the 101 Loop, is a two-story, multifamily property. Amenities include two swimming pools, sun decks, a spa and fitness center, an on-site laundry facility, gated access and covered parking spaces. About 25% of the units have been upgraded.
The property is situated in the highly desirable Northeast section of Phoenix and offers direct access to major arterial roads, including North Tatum Boulevard and Bell Road. Tatum Place is in close proximity to five of Arizona’s premier destinations for shopping, dining and nightlife, which are Paradise Valley Mall, Kierland Commons, Scottsdale Quarter, Desert Ridge Marketplace and High Street.
Meridian’s Seth Grossman and Sarah Kuebler negotiated the three-year loan, provided by a debt fund. It features full-term interest-only payments and two one-year extension options.
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