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.
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