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Two Southwestern Multifamily Properties Find $75M in Financing
Despite the COVID-19 pandemic, two multifamily properties and surrounding markets have continued to perform well, given both optimal locations and resident amenities. Freddie Mac loans totaling $75 million were recently secured on behalf of TruAmerica Multifamily for its acquisition of the two Southwestern U.S. multifamily communities.
In the first transaction, PGIM Real Estate arranged a $29.1-million Freddie Mac loan secured by The Bella, a 200-unit apartment community located in Phoenix. The property has maintained occupancy above 95 percent in the past year. TruAmerica also plans to upgrade The Bella’s apartments to modernize the units and accommodate local demand.
In the second transaction, PGIM Real Estate arranged a $45.9 million floating-rate Freddie Mac loan secured by The Arbors of Las Colinas, a 408-unit apartment community in Irving, TX. The acquisition marks the sponsor’s first investment in the state. TruAmerica plans to renovate the apartments to accommodate market demand in the area.
Both transactions were led by the PGIM Real Estate team of Jaime Zadra, managing director; Robert Younkin and Garrett Meyers, executive directors; and Nikki Mooney, senior investment analyst.
Pictured: The Bella.
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- ◦Financing
