PHOENIX – August 2, 2017 – Berkadia announced today that it arranged both the financing and sale of Ovation at Tempe, a multifamily property located in Phoenix’s submarket of Tempe, Arizona. Berkadia’s Phoenix team of Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne completed the $36 million sale on behalf of the seller, a joint-venture partnership between Passco Companies and InSite Property Ventures. Managing Director Jackson Cloak of the firm’s Irvine office arranged the $27 million in financing through Freddie Mac on behalf of a private San Diego buyer.
The seven-year loan features a 3.79 percent fixed interest rate, a 75 percent loan-to-value ratio and interest only before a 30-year amortization schedule.
“Ovation at Tempe is a great example of the power Berkadia’s integrated mortgage banking and investment sales platform holds,” said Cloak. “The collaboration between our teams ensured that needs of both the buyer and seller were met, and terms were competitive with the market.”
“This property features one of Tempe’s lowest unit densities and is strategically located in a highly-desirable area,” added Forrester. “And while the South Tempe submarket is set to have 451 more deliveries come online by year-end, Ovation at Tempe has been positioned to fill a void in the local market for high-quality Class A product.”
Ovation at Tempe is located at 4502-4505 S. Hardy Drive, offering convenient access to Superstition Freeway and Tempe Diablo Stadium, home to the Arizona League Tempe Angles, as well as spring training for the Los Angeles Angels.