A two story apartment complex was bought by Summit on Thomas LLC. The seller was Rise48 Equity. The sales price was listed at $21 million. Tauro Capital Advisors facilitated a $15 million loan for a value-add apartment purchase. The Rise on Thomas will be renamed the Summit on Thomas.
Tauro’s Patrick O’Donnell arranged the financing, “Capital sources started to pull back on financing transitional assets given the uncertainty throughout the economy… the borrower wanted to hedge against interest rate risk at a loan amount that would satisfy their exchange. Tauro identified a lender who was able to provide fixed rate financing, atypical for a bridge loan, at higher proceeds than the borrower required.” The interest rate was set at 6.125% for the three year fixed loan.
Built in 1967, 44 of 100 units were renovated by the closing of the deal. Future plans include renovating the remaining 56 units and continuing improvements across the common areas.
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.
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