IRVINE, Calif. – June 12, 2018 – Berkadia today announced the $19.17 million financing for Enclave at the Foothills, a multifamily garden-style property located in Tucson, Arizona. Managing Director Ed Kim of Berkadia’s Irvine, California office secured the refinancing through Freddie Mac. The borrower was Arizona-based HSL Properties, Inc., and the deal closed on May 31.
The 10-year loan features five years of interest-only at a 75 percent loan-to-value ratio and a 30-year amortization period.
“HSL acquired the property in early 2017 and obtained a floating-rate Freddie Mac Green Up loan through Berkadia. Over the course of 12 months, HSL was able to significantly improve the property’s operations and cash flow,” said Kim. “This allowed them to refinance the loan and repatriate their equity. Due to the long-standing relationship with Freddie, Berkadia was able to procure competitive terms for this property.”
Located at 7300 North Mona Lisa Road, the 300-unit property features studio, one-, two- and three-bedroom floorplans with air conditioning, in-unit washers and dryers and walk-in closets. Community amenities include a pool, a 24-hour fitness center and a playground. Enclave at the Foothills is less than a mile from the Foothills Mall, two miles from Tucson National Golf Course and eight miles from Saguaro National Park. Residents also have convenient access to Interstate Route 10.