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June 24, 2024
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InTrust Property Group Locks Up $16.6 Mil Refi on Phoenix Res Property


InTrust Property Group has obtained $16.575 mil in financing for Sunset Sound Apartments, a 237-unit, garden-style apartment complex in Phoenix. The property is located at 2307 2323 East Van Buren St, just east of I-10.

Built in 1977, Sunset Sound Studio Apartments has been renovated to include upgraded amenities like a new resort-style pool and fitness center. Additionally, 54 units have been upgraded with premium finishes, providing tenants an affordable place to live.

Bruce Francis, Shaun Moothart, Doug Birrell, Bob Ybarra, Nick Santangelo and Jim Korinek with CBRE Capital Markets' Debt and Structured Finance team secured the non-recourse fixed-rate cash out refinance through Freddie Mac, on behalf of the owner.

"InTrust Property Group successfully implemented a business plan that completely transformed the asset by providing significant upgrades to the interior and exterior of the building and enhanced amenities for its residents," said Moothart. "This is a great example of creating value by way of investing in and significantly improving the quality of a project while offering much needed affordable housing for the community."

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