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6/08/20
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A venture between Wealhouse Capital Management and Western Wealth Capital has secured $185.63 mil in refi money on a 1,439-unit Arizona multifamily portfolio. The collateral consists of five properties in the Phoenix area.
Josh Simon and Brad Miner with JLL Capital Markets arranged the five, seven-year, floating-rate non-recourse loans through Freddie Mac. The loans will be serviced by Jones Lang LaSalle Multifamily LLC, a Freddie Mac Optigo℠ lender.
The portfolio comprises the Carlyle Apartments and the Carlyle Townhomes in Phoenix; Greentree Place and Autumn Creek in Chandler; and Spring Meadow in Glendale. The properties are all garden-style and were constructed between 1981 and 1996.
The properties feature a range of amenities, including resort-style pools, clubhouses, fitness rooms, basketball courts, valet trash service, green areas and dog parks. The assets are situated in excellent locations throughout metropolitan Phoenix, which is the nation’s No. 1 multi-housing market in terms of historical and projected rent growth.
“The Phoenix multi-housing market has remained extremely resilient during this current pandemic, affording us the opportunity to provide significant financing, in terms of multi-housing assets in the Phoenix area, to Wealhouse and Western Wealth teams on these five assets,” Miner commented.
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