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$14.3-Mil Permanent Loan Closes for Phoenix Multifamily Buy

PHOENIX-A $14.3-million financing is in place for the $19-million acquisition of the 240-unit Riverwalk Apartments in Phoenix. Investor Howard Pattis and PACE Management of Chicago secure a 10-year loan, with 30-year amortization, at 6.94%.

By D.J. Burrough | Updated on September 28, 2001

PHOENIX-A Chicago-based apartment investor has secured $14.3 million in permanent financing on the 240-unit Riverwalk Apartments near Sky Harbor Airport. A partnership led by Howard Pattis and PACE Management in Chicago bought the complex at 5345 E. Van Buren St. in August for $19 million from San Diego-based Fairfield Residential.

The Fannie Mae DUS loan covered 75.3% of the borrower’s acquisition costs and carries a fixed interest rate of 6.94%. The loan has a 10-year term with a 30-year amortization schedule. James Pierson III of Johnson Capital Partners of Arizona, a related company of Green Park Financial correspondent Johnson Capital Group, arranged the financing.

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