A Phoenix multifamily property was delivered in May 2020 and, despite the pandemic, was leased to stabilization in just eight months. Nearly a year later, $31.7 million senior mortgage loan was secured to finance the acquisition of the Cabana on Washington multifamily complex. The floating-rate loan sponsored by CBRE Global Investors has an initial term of two years and can extend up to five years.

Located at 5300 East Washington St., the 226-unit multifamily property which has been rebranded The Grayson on the Rail by the borrower, offers a range of studio to two-bedroom layouts. The amenities include a fitness center, a swimming pool and a co-working area.

“The property offers us a compelling loan basis and an underlying credit profile consistent with the fund’s investment themes,” said Charles Kim, managing director for CBRE Global Investors.

The asset is situated just off the Loop-202 freeway, offering a 15-minute commute to downtown Phoenix, and access to Tempe and Scottsdale. The Phoenix Sky Harbor International Airport is a seven-minute drive from the property.