Greystone Shells Out $45.5M in Financing for 2 Phoenix Communities
- Apr 28, 2016
New York—More than one thousand units in Phoenix will be refinanced thanks to $45.5 million in Fannie Mae financing from lending and advisory firm Greystone. Tony Spaeth of Greystone originated the Fannie Mae DUS loans, which carry 10-year terms with 30-year amortizations.
The two 1980s-era communities in question are the 461-unit Valencia Park, which was refinanced for $19.3 million, and the 548-unit Granite Bay, which was refinanced for $26.3 million. San Diego-based The ConAm Group acquired the buildings in January 2015.
The properties offer swimming pools, tennis, fitness centers, libraries, clubhouses and playgrounds. Granite Bay offers one- to three-bedroom units while Valencia Park offers studio and one-bedrooms.
“The Phoenix multifamily market is thriving and benefiting from a great refinance environment,” said Joe Mosley, executive managing director and head of agency lending at Greystone. “We are thrilled to have simultaneously closed two loans for our client to take advantage of attractive terms and strengthen their portfolio for future deals.”
According to Colliers International’s fourth-quarter 2015 report, Greater Phoenix’s multifamily market ended 2015 on a high note, with vacancy rates considerably lower than the market’s average and rental rates continuing on an upswing. Average asking rents rose 6.5 percent in 2015, which is on top of the 4.1 percent increase from the previous year. Investment activity also surged for Phoenix’s multifamily market, making 2015 the strongest year of sales activity in nearly a decade, according to the report.
Images courtesy of Greystone