Thayer Manca Residential has secured a $26.1 million Freddie Mac loan for the refinancing of the 264-unit Circ Apartments in Albuquerque, N.M. The 2.9 percent fixed-rate loan has an amortization period of 10 years, with full-term, interest-only payments.
The company acquired the property in 2018 from Hamilton Zanze & Co., for $33.9 million, according to Yardi Matrix. Previously known as Ventana Canyon, the property underwent a $4.1 million remodeling process, that included renovations of the clubhouse, pool deck, 24-hour fitness center, units, as well upgrades of the façade and outdoor amenities. Recently, Thayer Manca expanded its Southern U.S. portfolio with the $65 million acquisition of a 424-unit asset in Tucson, Ariz., with remodeling plans in mind.
Completed in 1999, Circ Apartments is located at 10300 Golf Course Road N.W. in the Cottonwood Heights neighborhood, roughly 11 miles north of downtown Albuquerque. Lovelace Westside Hospital is half a mile away, while a prominent retail cluster along Route 45 is less than 2 miles of the roughly 2-acre site.
The community offers one-, two- and three-bedroom units across 15 two- and three-story buildings. The property offers 510 parking spaces, as well as washer/dryers and fireplaces in all units.