CBRE Capital Markets’ Debt & Structured Finance team announced that it has secured a $90.8 million loan for the refinance of San Sonoma, a 590-unit, Class A+ apartment community in Tempe, Arizona.
Rocco Mandala, Anthony Valenzuela and Dominique Damerell of CBRE’s Phoenix office secured a 12-year loan with full-term interest-only payments on behalf of the borrower, a venture formed by Mark-Taylor, Inc. and Kitchell Corporation. The loan was provided by Fannie Mae at 65% LTV.
“Fannie Mae’s financing reflected a near-stabilized underwriting that based the loan amount on the NOI estimate in place within four months after rate lock without any additional collateral or borrower obligation,” said Mr. Mandala, vice chairman, CBRE Capital Markets.
Located at 9010 South Priest Drive, the Class A+ garden-style apartment community was constructed between 2015 and 2016, and consists of one-, two-, and three-bedroom apartment units. Unit amenities include 9’ ceilings with ceiling fans, granite countertops, double stainless steel sink, stainless steel appliances, full-size washer and dryer, vinyl wood plank flooring (entry, kitchen and baths), raised-panel doors, dual-pane insulated windows, crown molding, wired for HDTV and digital phone, built-in tech center with high-speed data wiring, intrusion alarm, canned lighting, pantry, and walk-in closet in the master bedrooms. The property also has 128 single garages and 112 tandem garages.
Community amenities include controlled access gates, lush desert landscaping and verdant lawns, large 24/7 fitness center with spin room, one resort-style swimming pool, outdoor cabana with poolside kitchen, complimentary Wi-Fi in amenity areas, Whirlpool spas, picnic area with gas barbecue grills, sand volleyball court, off-leash dog park, and a clubhouse with social lounge.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
