Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Four-Property Portfolio is Perfect Fit for Bridge Loan
Financing to the tune of $317 million for a four-property portfolio totaling a combined 1,368 units was recently arranged on behalf of 3rd Avenue Investments, a repeat borrower with the lender. The properties include Lemon & Pear Tree, Riviera Park, Gilbert Greens, Sahara and Playa Palms, which are located in in Mesa, Chandler and Gilbert, AZ.
The financing through a national bridge lender offered a 3+1+1 structure and future funding. The portfolio provided a rare opportunity for the investor to acquire well-located assets from an owner of more than 25 years.
NorthMarq’s Brandon Harrington and Tyler Woodard arranged the financing.
“While there was little to no differed maintenance at the assets, the upside to increase income by way of burning off loss to lease and interior renovations was substantial, which made the transactions a perfect fit for a bridge loan execution,” said Harrington.
- ◦Sale/Acquisition
