Next Wave Investors Scores $21M Refi for Phoenix Community

JLL arranged the 10-year, floating-rate loan for the property through Freddie Mac.
Westover Parc

Next Wave Investors has received a $21.2 million refinancing package for Westover Parc, a 160-unit community in Phoenix. JLL worked on behalf of the borrower to secure the 10-year, floating-rate loan through Freddie Mac. According to Yardi Matrix, Next Wave acquired the asset from Murray Hill Developments last year for $12.3 million.

Built in 2002, Westover comprises one-, two- and three-bedroom units, ranging from 792 to 1,190 square feet. Common-area amenities include a fitness center, clubhouse and swimming pool. The asset also has 200 parking spaces.

Located on a 6-acre site at 6515 W. McDowell Road, the 14-building property is just off Interstate 10. The surrounding area has several retail and dining options, including Desert Sky Mall, which is 2 miles from the property. Downtown Phoenix is within 8 miles of the asset.

The JLL team included Senior Director Jamie Kline and Analyst Charlie Vorsheck along with Director Tim Brousse. Recently, the brokerage secured a $24.4 million Fannie Mae loan for the acquisition of a 96-unit townhome community in Aurora, Colo. Evergreen Devco sold the property for $37.5 million.