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IPA’s Brian Eisendrath Arranges Refi on Phoenix Multifamily
Institutional Property Advisors, a division of Marcus & Millichap, arranged the $63.5-million refinancing of Stonebridge at Paradise Valley, a 384-unit multifamily property consisting of 26 buildings at 4315 E. Thunderbird Rd. in Phoenix. The financing was arranged by executive managing director Brian Eisendrath, in his first closing since joining IPA, and senior managing director Cameron Chalfant. CVG Properties, a private investment firm based in Scottsdale, was the borrower in the deal.
“CVG has performed flawlessly on their execution since they purchased the property in 2014,” said Eisendrath. “With the success of their business plan and the tremendous amount of rent growth in Phoenix, we were able to procure a cash-out refinance that returned over $35 million of equity back to the partnership.”
The 10-year fixed-rate loan has an interest rate of 3.11% and was arranged through IPA’s strategic alliance with M&T Realty Capital Corporation.
- ◦Financing
