Berkadia Secures $24M in Equity for Bela Flor’s Recapitalization of Apartment Complex in Phoenix, MSA
PHOENIX – April 6, 2023 – Berkadia has secured $24 million of preferred equity from an investment manager for Arizona-based Bela Flor Communities’ recapitalization of Bella Victoria, a 236-unit garden-style apartment community located in Mesa, Arizona.
Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital arranged $24,000,000 in preferred equity on top of an existing fixed rate loan from New York Life Insurance Company.
“In today’s challenging market we are excited to work with experienced sponsors like Bela Flor Communities on these types of executions that help a client extract trapped equity in their portfolio,” said Kirkpatrick. “We aim to deliver value to clients regardless of market conditions so deals can move forward, and they can grow their business.”
“We appreciate the guidance and assistance from Berkadia in arranging this transaction,” said Karl Huish at Bela Flor. “This financing will help Bela Flor continue with several additional development projects.”
Located at 1350 South Ellsworth Road, Bella Victoria features two- and three-bedroom floor plans with nine-foot ceilings, granite countertops, cultured marble countertops and private patios and balconies. Community amenities include a 24/7 state-of-the-art fitness center, two resort style swimming pools with spas, poolside cabanas with a fireplace, a pet park and wash station, picnic areas with gas barbeque grills, a playground, a putting green, a lounge area with a fireplace and an additional spa. Residents are afforded convenient access to Phoenix-Mesa Gateway Airport, Red Mountain Park, Fountain of the Sun Country Club, Desert Sands Golf Course, Harkins Superstition Springs 25 Movie Theater, Dignity Health – Arizona General Hospital Mesa and the shops and restaurants along U.S. Highway 60.