Tucson Community Gets $19M Refi
- Jun 18, 2018
Berkadia has arranged $19.2 million to refinance Enclave at the Foothills, a 300-unit multifamily garden-style property in Tucson, Ariz. Managing Director Ed Kim of Berkadia’s Irvine office secured the financing through Freddie Mac. The 10-year loan features five years of interest-only at a 75 percent loan-to-value ratio and a 30-year amortization period. Berkadia acted on behalf of owner and manager, Arizona-based HSL Properties Inc.
Located at 7300 N. Mona Lisa Road, the 1986-built property is less than a mile from Foothills Mall and eight miles from Saguaro National Park. Nearby Interstate 10 provides easy access to downtown Tucson, which is within a 20-minute drive.
Enclave at the Foothills features studio, one-, two- and three-bedroom units ranging from 622 to 1,100 square feet. According to Yardi Matrix data, the asset was 93.3 percent leased at the time of the financing. Community amenities include two swimming pools, fitness center, spa, clubhouse, tennis and basketball courts, playground and covered parking.
“HSL acquired the property in early 2017 and obtained a floating-rate Freddie Mac Green Up loan through Berkadia. Over the course of 12 months, HSL was able to significantly improve the property’s operations and cash flow. This allowed them to refinance the loan and repatriate their equity. Due to the long-standing relationship with Freddie, Berkadia was able to procure competitive terms for this property,” said Kim, in a prepared statement.
Berkadia has also recently brokered the $42 million sale of Avilla Sabino, a 183-unit multifamily property in Tucson.
Image courtesy of Yardi Matrix
If you’d like to be featured in Brokers’ Corner, send your deal to email@example.com.