Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Seaview Capital Plans Expansion of 1,000+ Units in Phoenix Metro
Refinancing to the tune of $36.35 million was recently arranged for The Premiere at Eastmark, an apartment community in Mesa. The borrower was Los Angeles-based Seaview Capital.
JLL Capital Markets worked on behalf of the borrower to originate the 10-year fixed-rate loan. Seaview Capital, formally PCS Holdings, is the family office of Joseph Fryzer, which owns and operates more than 1,300 units nationally.
“We are planning to expand our footprint to over 1,000 units in greater Phoenix metro and are very excited to replicate the success we have had in Eastmark,” said Davana Fryzer, principal and head of acquisitions for Seaview Capital.
The JLL team representing the borrower was led by Marc Schillinger along with Jason Carlos.
“The Premiere at Eastmark is a special asset that was perfectly built to meet tenant demand for highly amenitized luxury product in East Phoenix,” says Schillinger. “Rent growth was increasing so quickly during the transaction that we were able to lock an incredible rate during the lease-up while also taking advantage of higher rents to achieve maximum proceeds at the time of closing.”
- ◦Financing
