Newmark Refis Arizona Apartments With $19M Loan
Arizona developer Brandon Treger has nabbed a $19.3 million refinance loan for a multifamily property in suburban Phoenix, Commercial Observer has learned.
Newmark (NMRK) provided the five-year, fixed-rate loan on Treger’s 128-unit Harmony at Hurley Farms development in Tolleson, Ariz. The deal closed with a 6.41 percent interest-only loan with a loan-to-value of 60 percent and 30-year amortization period.
Marcus & Millichap Capital Corporation’s (MMCC) Tyler Waller arranged the transaction.
“The newly constructed property had strong leasing velocity and was 70 percent occupied when MMCC initiated discussions with capital sources,” Waller said in a statement. “We successfully negotiated an early rate lock, as well as a seven-day rate lock extension, providing our client with stability and some flexibility during a period of increasing rates.”
Located at 2929 South 91st Avenue around 15 miles west of Downtown Phoenix, Harmony at Hurley Farms debuted this past spring. Community amenities include a swimming pool, fitness center and dog park.
Spokespeople for Newmark and Treger did not immediately return requests for comment.
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