TUCSON, Ariz. – August 17, 2017 – Berkadia today announced it secured $24.33 million in financing for The Condominium at Williams Centre, a broken condominium community in Tucson, Arizona. Senior Managing Director Aaron Cardwell of Berkadia’s Scottsdale office secured the acquisition loan through Berkadia’s relationship with Freddie Mac. The deal closed on August 4.
The 10-year, fixed-rate loan represented 75 percent loan-to-value and featured five-years of interest only with a 30–year amortization schedule. The borrower was an affiliate of Chicago-based Adams LaSalle Realty Partners, LLC.
“Being a broken condo with several different sellers presented certain challenges to underwriting and getting the deal closed,” said Cardwell. “Luckily, we had a sponsor who is an expert at owning and managing broken condominium projects and a lender who fully understands the nuances of these projects. As a result, we had an ultra-smooth execution.”
Jon Harrison, co-managing principal of Adams LaSalle Realty Partners, LLC said, “Freddie Mac and Berkadia did an outstanding job on this transaction. They understood the issues right from the start, offered excellent terms and provided an easy closing. We look forward to working with both of them again.”
The Condominium at Williams Centre is located at 5400 E. Williams Blvd., affording convenient access to Williams Centre office park, Davis-Monthan Air Force Base and several nearby shopping and entertainment centers. The property features one-, two- and three-bedroom floorplans with high ceilings, breakfast bars, full-sized washer and dryers and walk-in closets. Community amenities include a heated pool and spa, a fitness center, barbeque pavilions and a clubhouse.