Newly Built Phoenix Community Scores $17M Refi
- Nov 15, 2019
NorthMarq Capital has closed on a roughly $17 million, 10-year loan for View 32, a 135-unit community in Phoenix. The mortgage has an amortization schedule of 30 years.
According to Yardi Matrix data, the property previously benefited from a $15.2 million construction loan funded by MidFirst Bank. The owner of the property is Watt Cos., which acquired the 3.5-acre parcel in 2015, according to Maricopa County records. View 32 came online last year.
The recently completed Class A community is located at 10801 N. 32nd St. and includes amenities such as a business center, spa and swimming pool. Situated just a block away from East Shea Boulevard, it offers easy access to Piestewa Freeway. It is also in close proximity to various retail and dining options.
Executive Vice President Michael Elmore and Senior Vice President Ory Schwartz were part of the NorthMarq team that secured the loan for the owner. In another recent deal, the company arranged the refinancing for a luxury high-rise in Brooklyn.