Pillar at Scottsdale, a limited liability company, has secured the fixed-rate loan for the Jefferson at Scottsdale, a 539-unit complex at 17212 N. Scottsdale Rd. It had been purchased in early May for $54 million, or more than $100,000 per unit, one of the highest prices ever paid for a multifamily unit in the Valley.

GMAC Commercial Mortgage has arranged the financing. James Almon heads up Pillar LLC, the purchaser of record for the property developed in 1999 by Texas-based JPI.The complex is located just north of Frank Lloyd Wright Boulevard in the city's northern tier and west of the Tournament Players Club golf course and Fairmont Scottsdale Princess Resort. The 653,169-sf complex is positioned on 28.5 acres and includes a gated entry, lagoon-style swimming pool with waterfalls, whirlpool and spa, fitness center with indoor half-court gymnasium and billiards lounge. Other amenities include an on-site massage therapist and therapy room, personal trainer, fitness and aerobics classes and concierge services.

The complex is in one of the most upscale parts of the Valley, surrounded by mostly multi-million homes. Apartments in north Scottsdale command the highest average rents in the Valley, $838 per month in comparison to the $668 per month average. The vacancy rate in north Scottsdale apartments came down 1.4% in 2000 to 7%. That compares to an overall vacancy rate of 6.6% Valleywide. Vice President Ron Peterson of the Seattle office of GMACCM has arranged the transaction.