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Phoenix & Southwest  + Phoenix + Phoenix  + Apartments  |  July 25, 2023
KeyBank Secures funds for 4 project refi
Mike Boyd
By: Mike Boyd

Two Phoenix-Area Properties Included in $124.5M Portfolio Refi

KeyBank Real Estate Capital secured $124.5 million in life company loans for the Wasatch Group to refinance four properties throughout the Rocky Mountains and Western United States. 

The Portfolio is comprised of 950 units located in Arizona, Colorado and Utah. The loans are structured with 8-yr, full-term interest-only loans and a 4.98% interest rate. Brian Caudel led a KeyBank team that structured the financing.

Two of the projects are in Arizona. Aztec Springs in Mesa is a 304-unit project built in 1984. It’s a single-story complex with amenities including a swimming pool, picnic area with BBQ grill, business center, fitness center and community laundry center.

The other Arizona property is Canyon Ridge Apartment Homes in Surprise. It’s a two-story, 192-unit development built in 2002. Community amenities include a swimming pool, picnic area with BBQ grill, business center, playground, pet play area, fitness center and community laundry center.

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Inside The Story

Brian Caudel

About Mike Boyd

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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