Berkadia Completes Sale and Secures $43 Million in Financing for Pre-Stabilized New Construction Multifamily Property in Arizona

May 7, 2021

Berkadia Completes Sale and Secures $43 Million in Financing for Pre-Stabilized New Construction Multifamily Property in Arizona

May 7, 2021
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PHOENIX – May 7, 2021 – Berkadia announced today the sale of and financing secured for Escape at Arrowhead, an under construction, luxury multifamily community featuring 324-units in Glendale, Arizona. Senior Managing Directors Ric Holway, Mark Forrester and Senior Director Dan Cheyne of Berkadia Phoenix completed the sale on behalf of the buyer. The seller was Texas-based Embrey Partners, Ltd., and the deal closed on May 4.

Berkadia also secured $43 million in acquisition financing while the property was 30 percent occupied with approximately 60 percent of the buildings having received a temporary or permanent certificate of occupancy.

“Escape at Arrowhead is a preeminent suburban multifamily community executed flawlessly by Embrey Partners. The buyer was drawn to the community’s exquisite resort level design and superior build quality,” said Holway.

Per Forrester, “Escape at Arrowhead offers high-end design in every detail, paired with best-in-class amenities for a Metro Phoenix living experience. Upscale amenities along with well-designed apartment homes, Escape at Arrowhead provides a modern luxurious living experience.”