LOS ANGELES – November 23, 2021 – Berkadia today announced the financing secured for Elite North Scottsdale, a 360-unit garden-style multifamily property located in Scottsdale, Arizona. Managing Director Allan Freedman and Associate Director Nick Provost of Berkadia Los Angeles secured the $86.22 million in permanent acquisition financing on behalf of the borrower, California-based The Ezralow Company. The deal closed on November 8.
The 10-year Freddie Mac loan features a near full term of interest only and a 60 percent loan-to-value ratio.
“Freddie Mac was a terrific partner,” said Freedman. “They allowed a four-month early rate lock in order for the borrower to execute their business plan for the acquisition. The ample interest only provided at full leverage allows the client to conduct their value-add strategy while having extra cash flow for cushion.”
“We are excited about the acquisition and appreciate the excellent execution by Berkadia and Freddie Mac,” said Bryan Ezralow, CEO of The Ezralow Company.
Located at 6735 E Greenway Parkway, Elite North Scottsdale features one-, two- and three-bedroom floor plans with nine-foot ceilings, in-unit washers and dryers, walk-in closets and private balconies or patios. Community amenities include two swimming pools, a fitness center, a dog park and tennis courts. Residents are afforded convenient access to Scottsdale Airport, Route 101, Sandpiper Park and the shops and restaurants along North Scottsdale Road.