PHOENIX—Hunt Mortgage Group, a commercial real estate lender, has provided a $10.6 million Freddie Mac loan facility to refinance a multifamily property in Scottsdale.
Cortesian Apartments is a 332-unit multifamily property located at 7749 E. Camelback Rd. The property is comprised of 39, two-story apartment buildings and one fitness building. Built in 1971 and situated on 13 acres, Cortesian Apartments was renovated in 2003 and received additional capital improvements in 2011 including exterior painting, renovated laundry rooms, new water-heating boilers and repairs to the central cooling tower.
The unit mix includes 52% one-bedroom apartments that are ideal for working professionals and 48% two-bedroom units for families looking for a central location in a suburban setting. The two-bedroom floor plans include 16 townhomes with private entrances and a patio.
Richard Olrich, managing director at Hunt Mortgage Group, tells GlobeSt.com, “The Arizona market was hard hit during the recession and not a lot of product was built. Now occupancy and rents are coming back strong. Phoenix is a great market. Scottsdale is built out, so this was a great opportunity for the buyer, they were able to take advantage of this opportunity. They have a strong focus on the West Coast and Arizona, holding 8,000 units in the area. We think they will do very well.
“Cortesian Apartments is in good condition and the property offers a competitive amenity package,” Olrich adds. “The property is also very well located within a mile from Waterfront, a prime entertainment and shopping center in Scottsdale, and is also conveniently located within a couple miles to Loop 101 that connects residents to downtown Phoenix.”
The borrower is CH Cortesian Communities LLC, a Delaware limited liability company backed by Danny and Graeme Gabriel. The Gabriel family is also principals of ColRich, a real estate development firm founded in 1977 in San Diego.
“The Gabriel family has a wealth of experience in owning and operating multifamily properties in various markets in Arizona,” says Olrich. “These factors, along with the solid underlying real estate fundamentals, made this a solid transaction for Hunt.”
Property amenities include a leasing office, three swimming pools and one spa, barbeque grills and seating areas, fitness center, six laundry rooms, and central heating and air conditioning. Parking is also provided on sit via 502 spaces, including 357 carports and 145 open spaces.
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