Benedict Canyon Equities Closes on Refi for 334-Unit Phoenix Rental Community
KeyBank Real Estate Capital secured a $53 million non-recourse, first mortgage loan for Benedict Canyon Equities to refinance existing debt on Morada Rise, a 344-unit, garden style apartment complex located in Phoenix.
Built in 2002, the property consists of 45, two-story residential buildings situated on a 16.37-acre site. Newly renovated apartments include oversized living areas, distinctive wood-style flooring, fully equipped kitchens, and a personal outdoor patio, while community amenities include two swimming pools and a spa, a fitness center, and a playground. The loan is structured with a 10-year term, and subsequent to a 5-year interest only period, amortizes on a 35-year schedule.
Paul Angle and Brian Kuhn arranged the financing for KeyBank Real Estate Capital.
KeyBank Real Estate Capital provides interim and construction financing, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate.
Other News
Lehi, Utah Rental Community Trades for $130M
Mountain States Properties sold Seasons of Traverse, a 440-unit apartment community in Lehi, Utah, for $130 million. The sale marks the largest widely marketed multifamily transaction on record in Utah County. Cushman & Wakefield’s Kip Paul, Kevin Donner, Michael King, JT Redd, James Hunsinger, and Katie Goldberg represented seller Mountain States Properties in the transaction....
Learn more
ORIX Acquires Buckhead Apartments for $83M
ORIX Corporation inked an $83 million loan from New York Life to finance the acquisition of AMLI Lenox, a 391-unit luxury multifamily community in Atlanta’s Buckhead neighborhood. It’s located at 3478 Lakeside Dr. NE. AMLI Residential was the seller. The development will be renamed Akari Buckhead. The financing was arranged by CBRE’s Debt & Structured Finance...
Learn more
$51M Westmount Apartment Deal Ends 60 Years Of Family Ownership
Two Westmount apartment buildings have changed hands for $51M after 60 years under the same family ownership, adding to a Montreal investor’s growing rental portfolio. Federal Real Estate, led by Domenic Pappadia, acquired 220 and 225 Olivier Ave., Avison Young announced Thursday. The six-storey concrete buildings were developed in 1966 and had never previously been...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout