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117-Unit Complex Corrals $5M

PHOENIX-A 14-month escrow period provides a difficult, but not insurmountable obstacle to acquiring the fully occupied Fairmount Greens in the Camelback Corridor. The California buyer foresees repositioning the property for a long-term hold.

By Lee Simmons | Updated on June 01, 2004

PHOENIX-A California group of investors has survived a 14-month escrow to acquire the 117-unit Fairmount Greens complex for about $5.1 million. The deal hinged on a difficult loan assumption.

“This is a well-located property, just south of the Biltmore area in Phoenix. The difficulty was that we had a conduit loan that had to be assumed,” says John Kobierowski, an associate partner with Hendricks & Partners in Phoenix. “They were basically handed a great property. It was stabilized at closing.”

Kobierowski tells GlobeSt.com that the 10-year loan in question was originally provided by Greenwich Capital Markets Inc. of Greenwich, CT, at an interest rate of 6.85%. The recent assumption was handled by Midland Loan Services Inc. of Overland Park, KS. At closing, the balance of the loan was close to $3.1 million, says Kobierowski. The buyer paid the balance of the purchase price with cash.

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