Scottsdale Asset Lands $16M Financing

Meridian Capital Group has secured a three-year loan for the 164-unit apartment community.
Tatum Place

Tatum Place

Scottsdale, Ariz.—Debt broker Meridian Capital Group has secured a $15.5 million acquisition loan for Tatum Place, a multifamily community in Scottsdale, Ariz. According to Yardi Matrix data, the property traded for $18.1 million in December 2016, being acquired by Clear Sky Capital from seller NNC Apartment Ventures.

Located at 16801 North 49th St., the two-story, 164-unit property features one- and two-bedroom units. Amenities include a fitness center, two swimming pools with a spa and 255 parking stalls. The community offers convenient access to major arterial roads such as North Tatum Boulevard and Bell Road.

“Approximately 25 percent of Tatum Place’s units interiors have been upgraded and the property is in close proximity to major highways, as well as a variety of restaurants and shops, which makes this a desirable property for home seekers. Because of the property’s upside potential, Meridian was able to negotiate full-term interest-only payments and two one-year options to extend the loan,” Seth Grossman, Meridian’s managing director, said in a prepared statement.

Grossman joined hands with Vice President Sarah Kuebler to negotiate the three-year loan, provided by a debt fund with full-term interest-only payments and two one-year extensions options.

Image courtesy of Yardi Matrix