Bela Flor Lands $24M Equity for Phoenix-Area Luxury Asset
The property is also subject to $36.1 million in debt financing.
Bela Flor Communities has secured $24 million in preferred equity for the recapitalization of Bella Victoria, a 236-unit luxury community in Mesa, Ariz. Berkadia arranged the financing on behalf of the borrower.
Yardi Matrix data shows that in 2018, the asset became subject to a $36.1 million loan from New York Life Insurance Co., set to mature in 2044.
Completed in 2016, the garden-style community comprises 42 buildings with two- and three-bedroom floorplans ranging from 1,003 to 1,615 square feet. Apartments feature granite and marble countertops, in-unit washers and dryers, stainless-steel appliances and 9-foot ceilings, as well as private balconies and patios. Common-area amenities include a fitness center, two swimming pools, a pet park, two spas and a lounge.
Located at 1350 S. Ellsworth Road, the property is off Highway 60, roughly 30 miles east of downtown Phoenix and 13 miles from downtown Mesa. The Superstition Springs neighborhood, densely populated with retail, dining and entertainment options, is some 4 miles away.
Berkadia JV Equity & Structured Capital team of Managing Directors Cody Kirkpatrick and Noam Franklin, along with Senior Managing Director Chinmay Bhatt, arranged the financing. The same trio was recently involved in securing equity for three Sun Belt communities totaling 875 units.