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4/14/14
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The Premiere Residential Communities has obtained $29 mil in refi money for San Marbeya Apartments, a 276-unit, Class A, luxury rental community in Tempe, AZ. The property is located at 1720 E. Broadway, less than a mile from Arizona State University.
CBRE San Diego’s Debt & Structured Finance Group arranged the financing through Cornerstone RE Advisors. The seven-year loan has a 3.85% fixed rate and 66% loan-to-value ratio.
Developed by Mark-Taylor in 2004, San Marbeya features award-winning design elements with lush courtyards and exceptional community areas that include a fitness studio, internet café, resort-style swimming pool with a waterfall, spa, poolside ramada, gas barbecue grills and a dog park. Interior features include nine-foot ceilings, fully equipped kitchens with cherry wood cabinets, cultured marble vanities and private patios and balconies.
Based in San Diego, The Premiere Residential Communities owns and operates more than 750 luxury apartment units in San Diego and 2,492 luxury units in the metro Phoenix area.
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