PHOENIX—Hunt Mortgage Group has provided a $35 million loan facility to finance the acquisition of a multifamily property located in Mesa. The loan has a 10-year term with five years of interest only followed by a 30-year amortization.
Institutional Property Advisors senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the buyer,O.R.R. Mesa 1 LLC. The property sold for $47 million.
Stone Canyon is a 392-unit garden-style apartment complex that was built in 2000 and is situated on a 23.71-acre parcel of land in the rapidly expanding southeast valley in Mesa. The unit mix consists of 148 one-bedroom, one-bathroom units, 48 two-bedroom, one-bathroom apartments, and 196 two-bedroom, two-bathroom units.
“Stone Canyon offers excellent access to local and regional employment throughout the southeast valley, and it is surrounded by the largest employers in Mesa including Banner Gateway Hospital, Banner Baywood Hospital and The Boeing Company,” says Peter Clasquin, director at Hunt Mortgage Group. “Our client is thrilled to acquire a class A property with rents reasonably priced in relation to area incomes.”
A gated community with controlled access entry, Stone Canyon features two pools and spas; a clubhouse and resident lounge with Wi-Fi access; a 24-hour athletic center; electric vehicle charging stations; outdoor fire pit; copy and fax services; and barbecue grilling stations with entertainment areas. Detached garages are also available to residents.
Stone Canyon is located in the center of many of the southeast valley's premier shopping, dining and entertainment options. Superstition Gateway and Superstition Gateway West, located approximately two miles from the property, offer 1.7 million square feet of power center tenants including Ulta, Kohl's, Walmart, PetSmart and IMAX Theatres. The Superstition Springs Center, a 1.3 million square foot super-regional mall, is also located approximately two miles from the property, and features an outdoor amphitheater and a desert botanical walk with an additional 1.6 million square feet of power centers on the periphery, including Costco, Best Buy, Target, Harkins 25 Theatres and Home Depot.
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