Phoenix Community Lands $86M Freddie Mac Loan

Elite North Scottsdale

The Ezralow Co. has secured $86.2 million in permanent acquisition financing for the 360-unit Elite North Scottsdale in Scottsdale, Ariz. Berkadia arranged the 10-year Freddie Mac loan at near full interest-only terms and a 60 percent loan-to-value ratio.

The company purchased the asset in September through a $313 million portfolio sale that included the adjacent 364-unit Ascend at Kierland.

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Built in 1996, Elite North Scottsdale includes one- to three-bedroom floorplans, ranging from 803 square feet to 1,397 square feet, according to Yardi Matrix data. Each unit features nine-foot ceilings, walk-in closets and a private balcony or patio. Community amenities are shared with Ascend at Kierland and include two pools, two spas, a fitness center, a dog park, a tennis court and 938 parking spaces.

Located at 6735 E. Greenway Parkway, Elite North is 1 mile west of the Scottsdale Airport, while downtown Scottsdale is some 10 miles south of the property. Kierland Commons shopping mall is less than a mile northeast, while Cactus Park is some 2 miles southeast.

Freddie Mac allowed a four-month early rate lock so the borrower could execute their business plan for the purchase, said Allan Freedman, managing director with Berkadia, in prepared remarks. Freedman, along with Associate Director Nick Provost of Berkadia Los Angeles secured the loan on behalf of the borrower.