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4/03/17
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Hunt Mortgage Group provided a $21.5 mil Fannie Mae loan to refinance a multifamily property located in Casa Grande, AZ. The property, Desert Sands Apartment Homes, is a 323-unit, garden-style complex located at 720 West O’Neil Dr.
Built in 2008, the property consists of 31 one- and two-story residential buildings, and a combination leasing office/clubhouse. Property amenities include gated entry, a 24-hour fitness center, two community swimming pools and two heated spas, shaded children’s playground, basketball court, barbecue/picnic areas, and covered parking.
The borrower is HSL Desert Sands Properties, LLC, an entity affiliated with HSL Properties, Inc and Humberto S. Lopez. The loan term is for 10 years with amortization based on a 30-year schedule. Yield maintenance will apply during the first 9.5 years.
Casa Grande is located approximately 45 miles south of the Phoenix central business district and 70 miles northwest of Tucson. The Casa Grande submarket is growing well alongside the greater Phoenix MSA as one of the outlying suburbs with lower living costs and still a manageable commute into Phoenix.
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