HFF Secures $15M Loan for Phoenix Property
- Jul 21, 2017
HFF has closed a $14.8 acquisition financing for Park 28, a 152-unit community in Phoenix. The company worked exclusively on behalf of the borrower, Pure Multi-Family REIT, to place the long-term fixed-rate loan funded by Hartford Life Insurance Co. The 15-year loan bears interest at a rate of 3.8 percent per annum, according to Yardi Matrix.
Located at 4114 N. 28th St., the property’s unit mix consists of one-, two- and three-bedroom floor plans averaging 826 square feet. The luxury community situated on a 4.3-acre land parcel offers an upscale array of amenities including a fitness center, a clubhouse, a swimming pool with spa, a business center and 175 parking stalls. Park 28 is located in Phoenix’s Arcadia neighborhood, 15 minutes away from the Camelback Road office corridor, downtown Phoenix, Arizona State University, the University of Arizona, Phoenix Children’s Hospital and Banner University Medical Center. The property’s occupancy rate climbed to 96.7 percent as of June 2017, 210 basis points above the rate registered this time last year.
According to Yardi Matrix, Pure Multi-Family REIT purchased the community in June, when it paid Evergreen Development $29.7 million. Senior Managing Director John Brownlee, Senior Director Brad Miner and Director Michael Cosby led HFF’s debt placement team that worked on behalf of the borrower.
Images courtesy of park28apts.com