Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), introduced the $63.5 million refinancing of Stonebridge at Paradise Valley, a 384-unit multifamily property consisting of 26 buildings at 4315 E. Thunderbird Street in Phoenix, Arizona. The financing was organized by IPA’s Brian Eisendrath, government managing director, and Cameron Chalfant, senior managing director. CVG Properties, a non-public funding agency primarily based in Scottsdale, Arizona, was the borrower within the deal.
“CVG has carried out flawlessly on their execution since they bought the property in 2014,” mentioned Eisendrath. “With the success of their marketing strategy and the super quantity of hire progress in Phoenix, we have been in a position to procure a cash-out refinance that returned over $35 million of fairness again to the partnership.”
“We plan to speculate over $four million into the property within the frequent space facilities, constructing exteriors and inside unit renovations. The refinance proceeds will fund the property enhancements and return greater than 260 p.c of buyers’ authentic capital,” mentioned a consultant of CVG. “The property provides important long-term hire progress whereas the deliberate redevelopment of the over 100-acre Paradise Valley mall close by right into a high-end mixed-use vacation spot with retail, eating, luxurious condominium items, and Class- A workplace areas provides even additional potential.”
The 10-year fixed-rate mortgage has an rate of interest of three.11 p.c and was organized via IPA’s Strategic Alliance with M&T Realty Capital Company. The 2-story property was in-built 1985 and is in an irreplaceable north Phoenix location close to inexperienced areas similar to parks, golf programs and climbing trails, and has easy accessibility to downtown Phoenix and the encircling suburbs. The property additionally contains facilities similar to a 24-hour health heart, resort-style swimming swimming pools, managed entry, a spa and sizzling tub, and a bunch of others. Moreover, every condominium unit comes with a washer and dryer, new home equipment and carpeting, in addition to entry to a BBQ and out of doors areas.
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