Northmarq Plays Part in Canny Phoenix Apartment Sale

Five Door Plus was able to assume an existing Freddie Mac Loan with an attractive rate for an apartment that was recently renovated. Northmarq Phoenix’s Investment Sales team represented the seller, Montecito Apts LLC in the $22.3 million ($242,391/unit) sale of the Montecito, a 92-unit, garden-style community located in N. Central Phoenix.,

The Northmarq Debt & Equity team provided financing for the buyer, Five Doors Plus, who assumed an existing Freddie Mac loan with a loan balance of $9.8 million and the Northmarq team secured a supplemental loan in the amount of $3,687,000.

Northmarq’s Ryan Boyle shared. “Montecito was a unique opportunity to acquire a renovated community financed via a Freddie Mac loan assumption. The well-below market interest rate and the opportunity to secure a supplemental loan made for a compelling buy, especially given current market conditions.”

Built in 1983, the all two-bedroom complex recently underwent a $1.4 million capital improvement project, with $1.2 million spent on in-unit upgrades and $239,000 on exterior improvements.