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Peoria MF Receives $51M Freddie Mac Cash-Out Refi
An affiliate of the Aukum Group received $50,764,000 in Freddie Mac cash-out refinancing for Tuscany Ridge, a 336-unit multifamily property in Peoria. Located at 8203 W. Oraibi Dr. in Phoenix’s Arrowhead submarket, the 2004-built asset is a garden-style property featuring five different unit types ranging from one to three bedrooms.
The property was acquired in an off-market transaction in August 2019 for $54.5 million, which worked out to $162,000-per-unit. The Larkspur, CA-based buyer financed the acquisition with a $34 million, seven-year Freddie Mac Term Interest Only ARM.
CBRE’s Jesse Weber and Andrew Behrens facilitated the new 10-year term with five-year interest only loan.
Weber says, “Since acquisition, the Aukum Group has invested in significant interior and exterior renovations, and plans to continue property renovations. Future add-value projects include renovating classic units, repainting the exterior, enhancing the entrance and storefront, upgrading common area amenities, and rebranding the community with a new identity.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing

