$22M Loan for Two Multifamily Properties

PHOENIX—Neal Churney, senior vice president, and Adam Finkel, vice president, of Johnson Capital‘s Phoenix office, have arranged $21.7 million in refinance loans for the owner of two multifamily properties located in Phoenix.

The two complexes contain a total of 440 units. The larger property, The Ridge at Sun Valley, contains 264 units and was completed in 2004 on 15.03 acres located at 801 N. 59th Avenue. The project consists of twenty-two two-story buildings and a one-story clubhouse with units comprised of 176 two-bedroom two-baths and 88 three-bedroom two-baths. The units are individually metered for electricity and contain full-size washer/dryers, patio/balconies, and full air-conditioning. Amenities at Ridge at Sun Valley include two pools with spas, an onsite clubhouse containing a leasing/management office, business center, theater room, and fitness center. The loan amount for this property was $12,375,000.