NorthRock Obtains $39M Loan Tides on Thunderbird Buy

NorthRock Cos. secured $39 million in financing to acquire Tides on Thunderbird, a 376-unit apartment complex in Phoenix, AZ. The Utah-based NorthRock bought the asset from Tides Equities of Los Angeles.

Jonathan Pratt, Rossana Bouchaya and Chris Ellis with Berkadia secured the 10-year Fannie Mae loan, which came with a fixed interest rate south of 3.5%, a 70% loan-to-value and five years of interest only. “We were able to work closely with the NorthRock partners to find the debt structure that would allow them to improve the property for the residents, execute their business plan and deliver attractive returns to their capital partners,” Pratt said.

Tides on Thunderbird, located at 2140 W. Thunderbird Rd., offers one and two-bedroom units. Community amenities include a swimming pool, fitness center, business center, clubhouse, covered parking and barbecue area.

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