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5/18/23
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Lunaire Apartments, a 240-unit res community in Goodyear, AZ, landed new financing of $41.6 mil. The property is located at 949 S. Goodyear Blvd, just south of I-10, within the Phoenix MSA. It is owned by 29th Street Capital.
The property offers a mix of one-, two- and three-bedroom units in a variety of configurations. Amenities include modern unit interior finishes, recent landscape and exterior renovations, resort-style pool and spa, 24-hour fitness center, covered parking and EV charging stations.
Adam Parker and Chad Metzger with Gantry arranged the refinancing on behalf of the borrower, a private real estate investment company. The five-year, fixed rate loan was placed with Freddie Mac, featuring an upfront interest only period and a sub-5% rate.
According to Parker, the borrower had a floating rate loan in-place and they were motivated to refinance into a fixed rate loan to avoid the significant on-going interest rate CAP escrow which was impacting their available cash flow. 29th Street Capital had made property improvements and subsequently increased the property’s NOI significantly since purchasing the asset in 2021.
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