Greystone Provides $43M Financing for Arizona Acquisitions

Canyon Crossroads landed a $31.6 million loan while Summerhill Place Apartments received $10.9 million.

by Evelina Croitoru

Canyon Crossroads

Canyon Crossroads

PhoenixGreystone, a real estate lending, investment and advisory company, has announced the arrangement of a combined $42.5 million Fannie Mae Delegated Underwriting and Servicing loan. The financing has been secured for the purchase of two separate properties in Phoenix, Ariz. The two loans are due for 10 years and have a 30-year amortization period.

One of the properties, Canyon Crossroads, is a garden-style apartment community located at 33600 N. 27th Drive in Phoenix. The 280-unit property features amenities such as resort-style pool, athletic and media center, outdoor lounge with entertainment area and billiards room. Tim Thompson with Greystone’s San Francisco office secured the $31.6 million loan on behalf of the Oregon-based buyer, Umbrella Properties. According to YardiMatrix data, the purchase price of the property was $45 million.

The second property, Summerhill Place Apartments, is located at 6801 W. Ocotillo Road in Glendale, Ariz., northwest of Phoenix. The 232-unit community features a clubhouse, swimming pool, business center and playground. John Tilsch with Greystone closed the $10.9 million loan representing the Seattle-based buyer, Trimark Property Group, which purchased the asset for $14 million.

“Multifamily financing continues to show robust demand, and Fannie Mae financing is an ideal solution for property owners seeking to expand their portfolios in markets such as Phoenix. We are seeing more and more real estate investors seek opportunities inland as they search for yield, and a premier property such as Canyon Crossroads is a prime example of this strategy coming to fruition,” Joe Mosley, executive managing director & head of agency lending at Greystone, said in prepared remarks.

Image Courtesy of YardiMatrix