Scottsdale Property Receives $24M Refi
- Jan 17, 2019
HFF has arranged $23.5 million in refinancing for The Standard, a 134-unit Class A community in Scottsdale, Ariz. The firm worked on behalf of the borrower, The Sunset Group, to secure the 10-year, fixed-rate loan through Freddie Mac.
Located at 6811 E. Main St., the community is situated in Scottsdale’s Art District, within walking distance of more than 100 art galleries. Additionally, The Standard is near Freeway 101, approximately 7 miles from Phoenix Sky Harbor International Airport and around 12 miles from downtown Phoenix.
Constructed in 2016, the property occupies 3 acres and encompasses penthouses and one- and two- bedroom units averaging 841 square feet, Yardi Matrix data shows. The apartments feature quartz countertops, stainless steel appliances, wood or ceramic wood-plank flooring, 9-foot ceilings and full-sized washers and dryers. Community amenities include:
- resort-style swimming pool
- outdoor kitchen
- private cabanas
- rooftop terrace
- fitness center
The HFF debt placement team included Managing Director Josh Simon, Senior Director Brad Miner and Director Matthew Stewart. In November 2018, HFF arranged an $800.5 million loan to finance a 23-property portfolio totaling 7,289 units, some of which are located in the Phoenix area.
Image courtesy of Yardi Matrix