PHOENIX—Capital One Multifamily Finance closed a Fannie Mae fixed loan totaling $5.5 million for the acquisition of Peoria Mobile Estates, a 125-pad manufactured housing community for seniors in Peoria. Damon Reed, senior vice president and director of Capital One Multifamily's manufactured home community finance division, originated the deal. The borrower, an affiliate of Saunders and Amos, LLC, is a repeat customer, with more than 25 years experience acquiring, managing, and developing manufactured housing communities. It owns seven MHCs with 947 spaces.
Built in 1979, Peoria Mobile Estates is a 4+ rated park with such competitive amenities as a clubhouse, pool, spa, tennis courts, RV storage, and shuffleboard. Its homes vary in age from the 1970s to 2000. The neighborhood is primarily residential and the property is within walking distance of shopping.
The fixed-rate loan has a 10-year term, 9.5 years of yield maintenance, and two years of interest-only payments, followed by 30 years of amortization, payable on an actual/360 basis.
PHOENIX—ORION Investment Real Estate is announces the closing of Union Hills Square, a 11,960 SF multi-tenant retail pad, located in Glendale for $2,861,250 ($239 SF) to Cave Cree Capital Partners of Scottsdale. ORION identified this property as a core asset for the buyer's portfolio last year. Last month the lender elected to auction this asset. At the initial auction the reserve was not met and the buyer had to go into a final and best format with 2 additional bidders to finally secure the property. Union Hills Square was fully leased at close of escrow. Andrew Harrison of ORION Investment Real Estate in Scottsdale negotiated the transaction.
PHOENIX—Calgary-based Coastal Properties, Ltd. has purchased Mountain View Apartments, a 150-unit multifamily property located at 333 E. Van Buren St. in Avondale, from, RND4, LLC of Irvine. Brian Smuckler and Jeff Seaman of CBRE's Phoenix office represented the buyer and seller in negotiating the $6.3 million transaction.
PHOENIX—Jones X 30, LLC of Chandler has purchased Revival on 5th Apartments, a 12-unit multifamily property located at 3611 N. 5th Ave. in Phoenix, from Revival on 5th, LLLP of Phoenix. Brian Smuckler and Jeff Seaman of CBRE's Phoenix office represented the seller in negotiating the $1.025 million transaction.
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