Suburban Phoenix Community Receives $17M
HFF represented the partnership between Western Wealth Capital and an MDC Realty Advisors USA Inc.-managed fund. CIT Bank provided the five-year loan.
By Timea Matyas
HFF has arranged a $17.3 million loan for Spring Meadow, a 271-unit apartment community in Glendale, Ariz. Managing Director Josh Simon and Senior Director Brad Miner acted on behalf of a joint venture between Western Wealth Capital and a fund managed by MDC Realty Advisors USA Inc. CIT Bank provided the five-year, floating-rate loan to assist with the partnership’s capital expenditure program.
In October 2017, Western Wealth Capital purchased the property on an all-cash basis. According to Yardi Matrix data, the asset changed hands for $22.3 million. The sale was part of a $46 million portfolio transaction that also includes 332-unit Sierra Pines Apartments in Phoenix.
Located at 10030 N. 43rd Ave., Spring Meadow is close to downtown Glendale. Interstate 17 provides easy access to Phoenix, which is within a 20-minute drive. The 1982-built property comprises one- and two-bedroom units ranging in size from 525 to 918 square feet. Recently, the owner upgraded some of the units. Amenities include a swimming pool, hot tub, barbecue and picnic area, fitness center and covered parking.
HFF also arranged four other loans on the partnership’s behalf for Greentree Place and Autumn Creek Apartments in Chandler, Ariz., as well as Brynwood and Sereno Park Apartments in San Antonio, Texas.
Image courtesy of Yardi Matrix
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