Phoenix BTR Investor Inks $73.1M Bridge Loan
Golden Horizons Enterprises inked a $73.1 bridge loan on Merrick on Camelback, a 334-unit built-to-rent community in Phoenix, Arizona. The financing was arranged by Lument and originated by Arcus Real Estate Capital. The bridge loan has a three-year term with two one-year extension options. Golden Horizon Enterprises recently paid $112.5 million for what was then called Bungalows on Camelback (Co-Star). It has since changed the name to Merrick on Camelback.
Arcus Harbor maintains an exclusive correspondent relationship with Lument, referring all Fannie Mae, Freddie Mac, and FHA loans it originates to Lument for underwriting, processing, and closing. Arcus clients also have access to Lument’s balance sheet lending and other non-agency financing solutions.
Merrick on Camelback is a gated build-to rent community with one-, two-, and three-bedroom floor plans in single-level living and private detached units. Amenities include a dog park, dog washing station, fitness center, and swimming pool.
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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