Ready Capital Refis Arizona Apartments With $60M Loan

A joint venture between Overland Group and Grocapitus Investments has sealed a $59.9 million loan to refinance an Arizona multifamily asset, Commercial Observer can first report.

Ready Capital provided the five-year, floating-rate loan on the JV’s The Falls at Crismon Commons, a 240-unit apartment complex in Mesa, Ariz. The deal retires a previous $51.5 million construction loan from Churchill for the property, which opened last month..

Walker & Dunlop’s Michael Stepniewski, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Triston Stegall negotiated the transaction. 

Located at 1760 South Crismon Road 30 miles east of Downtown Phoenix, the property features units ranging from one- to three-bedrooms. Its amenities include a fitness center, a theater and a swimming pool with a patio lounge area.

‘This transaction shows that high-quality properties in tier 1 metros are receiving financing to lease up,” Neal Bawa, founder and CEO of Grocapitus Investments, said in a statement. “This liquidity shows the strength of the multifamily market and institutional investor belief in this asset class.” 

Officials at Ready Capital and Overland Group did not immediately return requests for comment. 

Andrew Coen can be reached at acoen@commercialobserver.com