CBRE Secures $90M for Phoenix Community

The Capital Markets Debt & Structured Finance team arranged the financing for San Sonoma, a 590-unit property with an average rental rate of $1,373.
San Sonoma

San Sonoma

After naming a new vice president to its New York office, CBRE’s Capital Markets Debt & Structured Finance team announced that it has arranged a $90.8 million loan for San Sonoma, a 590-unit community in Tempe, Ariz. Rocco Mandala, Anthony Velenzuela and Dominique Damerell of CBRE’s Phoenix office secured the 12-year loan with full-term, interest-only payments. They worked on behalf of the borrower, a partnership between Mark Taylor Inc. and Kitchen Corp.

Located at 9010 S. Priest Drive, the Class A property consists of two- and three-story buildings featuring one-, two- and three-bedroom units averaging 1,095 square feet. Common amenities include a fitness center, business center, clubhouse, swimming pool and laundry facilities. Additionally, San Sonoma offers a volleyball court, playground, picnic area gas with barbecue grills and 1,000 parking spaces.

According to Yardi Matrix data, the property was 94.7 percent occupied as of April and had an average rental rate of $1,373 as of May.

“Fannie Mae’s financing reflected a near-stabilized underwriting that based the loan amount on the NOI estimate in place within four months after rate lock without any additional collateral or borrower obligation,” Rocco Mandala, vice chairman of CBRE Capital Markets, said in a statement.

Image courtesy of Yardi Matrix