MESA, AZ—Johnson Capital has arranged an $8.9 million loan for a multifamily property located in Mesa. Neal Churney, SVP with the national real estate capital advisory firm and Adam Finkel, vice president in the Phoenix office executed the loan deal.
The property, Sandstone Apartments, contains 234 units and was completed in 1985 on 8.69 acres located at 1727 W. Emelita Avenue. The multifamily property has a swimming pool, basketball court, two laundry facilities and a standalone rental office with fitness facility.
The borrower is an Arizona-based investor that acquired the property in April 2006. The refinance paid off two existing Fannie Mae loans. The ten-year loan was funded by a regional bank with a loan-to-value ratio of 71%. It has a 30-year amortization schedule and an adjustable interest rate that is fixed "The client had two existing Fannie Mae loans that had different maturities. This loan provided the client with the opportunity to pay off both loans into one new loan and lower the overall monthly payments," Churney said.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
