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9/11/23
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Lakeview at the Bay, a 370-unit, Class B apartment complex in Tempe, AZ, has been refinanced with a new permanent loan for $16.5 mil. Built in 1985, the 34-building complex is located at 995 E. Baseline Rd in Tempe, a Metro Phoenix East Valley suburb.
The community has enjoyed stable occupancy with an attentive, long-term sponsor actively managing, improving, and leasing this lake-fronting complex, a unique regional amenity.
George Mitsanas, Tim Storey and Keegan Bridges with Gantry arranged the loan. The low leverage, 10-year, fixed rate loan was funded through an insurance company. It features interest-only payments for the life of the loan. Gantry will also service the loan.
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