Scottsdale Property Receives $24M Refi

HFF secured the loan on behalf of the borrower, The Sunset Group, for the 134-unit community located roughly 12 miles from downtown Phoenix.
The Standard

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 Scottsdaleā€™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
  • clubhouse

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