PCCP Provides $84M Loan for Phoenix Apartment Refi
PCCP provided an $84 million senior loan to Pacific Development Partners for the refinance of Montreux, a 335-unit, Class A multifamily community located at 5550 E. Deer Valley Drive in Phoenix, AZ (North Phoenix submarket). The three-building property was delivered in 2019 and is approximately 89% leased. The financing was marketed by James Bach of CBRE.
The unit mix includes a one-, two-, and three-bedroom units with an average size of 1,058 square feet. The apartments feature two pools, a fitness center, a rooftop clubhouse, pickleball and tennis courts, a game room with a multi-sport simulator, and structured parking.
Directly across the street is High Street, a 175,000-square foot lifestyle corridor featuring Sprouts Farmers Market, a live comedy venue, cafés, fitness studios, salons, and boutique retailers. One block south, Desert Ridge Marketplace offers 1.2 million square feet of open-air shopping anchored by Target, Albertsons, Nike, and Sephora, along with numerous restaurants and entertainment options including Starbucks, Chipotle, and AMC Theatres.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
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80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
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312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout