PHOENIX—Johnson Capital announces it has arranged an $8.1 million loan for a multifamily property in Peoria. Neal Churney and Adam Finkel in Johnson Capital's Phoenix office arranged the loan.
The borrower is an existing client who has worked with Neal Churney for many years in multiple transactions. The loan was funded by a local bank. It is a three-year loan with a fixed interest rate below 4% with full-term interest only.
The property, called Monterey Pines, contains 216 units and was built in 1984 on 10 acres. Located at 8650 W. Peoria Ave., the property contains 24 residential apartment buildings with a mixture of large one-bedroom and two-bedroom units. Its amenities are high-end and include multiple swimming pools, spas, clubhouses, tennis courts, and a community tot and picnic area.
Commenting on this transaction Neal Churney, senior vice president with Johnson Capital says, "This bridge loan helped the client acquire the asset and, through the lower interest only loan payments, increase their cash flow to put money back into the property and create additional value."
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