Gantry Provides Loan for 124-Unit Scottsdale Multifamily Acquisition
29th Street Capital, with the help of a $17.7 million loan, acquired the 124-unit Solaire at Scottsdale apartment complex. It’s located at 801 E. McKellips Road in Tempe, an East Valley suburb of Phoenix. 29th Street Capital is planning to upgrade the property’s unit interiors and exterior.
The property is positioned between Old Town Scottsdale, and Arizona State University in Tempe. The local area is home to high-profile corporate employers such as General Dynamics, HonorHealth Scottsdale Osborne Medical Center, Vitalant, Indeed, First Solar, and Opendoor.
Gantry secured the five-year, fixed rate Agency loan that was provided by Freddie Mac, and features interest only payments for three years and then transitioning to a 35-year amortization schedule.
Gantry’s Adam Parker said, “Our client sought a fixed-rate permanent loan with maximum leverage and interest only payments. By utilizing Freddie Mac program exceptions like 35-year amortization schedule and rate buy-downs, we were able to maximize loan proceeds and lock in an attractive interest rate at loan application.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.