Torino Group Lands Refi for Phoenix Community
CNO Financial Group Insurance Co. provided the 10-year, fixed-rate loan.
Torino Group has secured a $16.5 million permanent loan for the refinancing of Lakeview at the Bay Complex, a 370-unit multifamily community in Tempe, Ariz. Gantry negotiated on behalf of the borrower in securing the 10-year, fixed-rate note. CNO Financial Group Insurance Co. provided the funds, according to Yardi Matrix data.
Lakeview at the Bay Complex is composed of 34 two- and three-story buildings, with one-, two- and three-bedroom units ranging in size from 743 to 1,454 square feet, the same source reveals. All apartments include in-unit washers and dryers, monitored security services, extra storage capabilities and private balconies or patios. Common-area amenities of include two swimming pools, spa facilities, a fitness center, a clubhouse, playground areas and 545 vehicle parking spots.
Gantry’s team included Principals George Mitsanas and Tim Storey and Associate Keegan Bridges.
Located at 995 E. Baseline Road, on 17.5 acres, the property is near Interstate 10 and to multiple bus stations, 10 miles from Chandler, Ariz., 12 miles from downtown Phoenix and within 24 miles of Phoenix-Mesa Gateway Airport.
In August, Ascent Equity Group, in partnership with Sunrise Multifamily, picked up a 286-unit community in Goodyear, Ariz., for $61 million. The deal also included a $34.2 million Fannie Mae loan, provided by Manufacturers and Traders Trust Co.