PHOENIX—James DuMars, senior vice president and managing director of NorthMarq Capital's Phoenix-based regional office, arranged acquisition financing of $26 million for Broadstone Twin Fields, a 314-unit, multifamily property located at 2505 E. Williams Field Rd. in Gilbert. The transaction featured a low loan to value of 55% with a purchase price of $47 million. NorthMarq arranged financing for the borrower through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
DuMars tells GlobeSt.com, “We really like this asset. Gilbert is a phenomenal city. It was recently rated the second safest city in America.”
DuMars is referring to a report published by Law Street where Gilbert was indeed rated the number two safest city in municipalities with populations totaling 200,000 or more.
“Gilbert is also number one in new home sales in the metro Phoenix area,” says DuMars, “which translates well to the rental market. The fundamentals are great. The asset has all the amenities and was built by Alliance, a premier developer. The location and property will prove for a very good quality of life.”
“This was a highly sought after class A asset,” adds DuMars. “The repeat sponsor had a vast array of financing options but in the end elected the certainty of execution and competitive terms of a low leverage Fannie Mae loan. It's hard to compete with Fannie Mae on low leverage loans.”
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