Bard Investment Lands $158M Refi for Phoenix Assets

NewPoint secured the loans on behalf of the borrowers.


Bard Investment Co. has landed $157.9 million in refinancing for a four-property, 1,095-unit portfolio in Tempe, Chandler and Mesa, Ariz. NewPoint Executive Managing Director Jay Blasberg and Managing Director Jarett Blasberg secured the 10-year Freddie Mac loans, set to mature in 2032.

The transaction is refinancing three prior Fannie Mae CMBS loans, totaling $25.1 million, originated by Barings, as well as one $4 million loan provided by Bank of America three years ago, Yardi Matrix data shows.

The biggest property in the portfolio, Villagio, came online in 1986. The community comprises 472 units across 42 buildings, with one-, two- and three-bedroom floorplans averaging 853 square feet. Common-area amenities include a fitness center, a clubhouse and three swimming pools, as well as tennis, volleyball and basketball courts.

Located at 1133 W. Baseline Road in Tempe, Ariz., the community is within half a mile of the Arizona Mills shopping mall, offering residents access to numerous retail and dining options. South Mountain Park and Preserve is within 2 miles of the property.

The portfolio also includes:

  • The 200-unit Chandler Meadows, which comprises 36 buildings with one-, two- and three-bedroom apartments averaging 890 square feet. The property is located at 3175 N. Price Road in Chandler, Ariz.
  • Two communities in Mesa, Ariz., the 222-unit Stonegate and the 201-unit Fiesta Village, encompassing 19 and 13 buildings with studio, one- and two-bedroom apartments and efficiency and single-bedroom floorplans, respectively. The properties are located at 825 S. Alma School Road and 960 W. Southern Ave.

Phoenix’s solid multifamily fundamentals

The financing packages closed at historically low interest rates within a few days of application, mentioned Blasberg in prepared remarks.

Phoenix is showing strong market fundaments, with rent growth at a whopping 23.2 percent year-over-year. Meanwhile, job growth hit 6.2 percent and unemployment clocked in at a tight 3.2 percent as of February. This puts Phoenix among the country’s top-performing multifamily markets, according to a recent Yardi Matrix report.

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