Berkadia Completes $64 Million Sale and Secures $46 Million in Financing for Multifamily Portfolio in Tucson, Arizona

July 9, 2018

Berkadia Completes $64 Million Sale and Secures $46 Million in Financing for Multifamily Portfolio in Tucson, Arizona

July 9, 2018

Inside Tucson Business | July 20, 2018 Sales and Leases 

Commercial Real Estate Transactions 07-17-18| Arizona Builder’s Exchange 

Arizona Apartment Portfolio | Real Estate Alert

AUSTIN, Tex., PHOENIX and TUCSON, Ariz. – July 9, 2018 – Berkadia today announced the recent $46.2 million in combined financing and $64.5 million in combined sales for Stonybrook Apartment Homes, Quail Ridge Apartments and La Jolla de Tucson, three multifamily properties located in Tucson, Arizona. Managing Director Andy Hill of Berkadia’s Austin, Texas office secured the financing through Freddie Mac. Senior Managing Director Art Wadlund and Director Clint Wadlund of Berkadia’s Tucson office teamed up with Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office to represent both the seller, Hawaii-based Holualoa Companies, and the buyer, Texas-based Commerce Capital Partners, LLC. The deal closed on June 28.

The three 12-year, fixed-rate acquisition loans for each property feature a 4.5 percent interest rate and six years of interest-only followed by a 30-year amortization schedule.

“Commerce Capital had been looking to purchase in Tucson for some time, and they had some familiarity with these assets prior to purchasing them,” said Art Wadlund. “The buyer plans to do both interior and exterior renovations to all three properties.”

Stonybrook Apartment Homes sold for $27 million and is located at 4225 N. 1st Ave. The property features one- and two-bedroom floorplans with oversized closets, balconies or patios and all-electric kitchens. Residents have access to an indoor racquetball court, a basketball court, a pool and a fitness center.

Located at 4500 E. Sunrise Drive, Quail Ridge Apartments sold for $21.6 million and offers one- and two-bedroom floorplans with dishwashers, oversized closets and pantries. Residents are located less than five miles from Seven Falls Trail and have access to two pools, a fitness center, a dog park and mountain views.

La Jolla de Tucson is located at 444 W. Orange Grove Road and sold for $15.9 million. The multifamily community offers one- and two-bedroom floorplans with air conditioning, balconies or patios, ceiling fans and oversized closets. Residents of the gated community are located five miles from Finger Rock and Pontatoc Canyon Trail Heads and have access to a pool, a fitness center, a lighted tennis and basketball court and a clubhouse.