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5/14/12
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Neal Churney, CCIM, Senior Vice President in Johnson Capital’s Phoenix office, has arranged two loans totaling $8.7 mil for two multifamily properties in Arizona. In both cases, Churney was engaged by the property owners to determine and arrange the best financing solution for the borrowers’ particular situations.
One of the loans was for $2.8 mil and is secured by a 100-unit apartment complex located in Peoria, AZ, a city approximately 15 miles northwest of Phoenix. The loan was provided by a regional bank and the funds were used to refinance the client’s existing debt, which resulted in lowering the owner’s interest rate and financing costs.
The other loan was for $5.9 mil and is secured by a 168-unit multifamily property in Tucson, AZ which is owned by another Johnson Capital client. Churney was hired to find and structure a refinance of the existing Fannie Mae loan. The new loan was funded by a regional bank, enabling the client to lower their interest rate and also provide more flexibility to meet the client’s objectives.
Commenting on these transactions, Churney said, “In both of these refinancing transactions, the owners had several objectives they needed to meet. And with Johnson Capital’s owner-focused approach, we were able to present them many capital options and then implement a financing solution to best fit those objectives.”
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