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Floating Rate Non-Recourse Mega Loans Fund in Metro

SCOTTSDALE, AZ—In two separate transactions, Mesa West Capital has funded $73.3 million in floating rate non-recourse loans secured by multifamily communities.

By Lisa Brown | lisabrown | Updated on March 07, 2016

Optima Sonoran Village First mortgage debt of $49.8 million was secured to refinance Optima Sonoran Village.

SCOTTSDALE, AZ—In two separate transactions, Mesa West Capital has funded $73.3 million in floating rate non-recourse loans secured by multifamily communities. In the larger of the two financings, Mesa West provided a joint venture between Optima and DeBartolo Development with $49.8 million in first mortgage debt to refinance Optima Sonoran Village in Old Town Scottsdale. This is considered the premier multifamily market in the greater Phoenix area and boasts the highest rents in the region.

The loan is secured by the 206-unit first phase of a planned three-phase, high-rise multifamily development.  The class-A apartment community located at 6895 East Camelback Rd. across from the 2-million square-foot Scottsdale Fashion Square, features granite countertops, stainless steel appliances, and in-unit washer and dryer. The property shares a 19,000-square-foot resident club with indoor basketball and racquetball courts, fitness center, indoor pool, spa and fully equipped locker rooms. It also includes two outdoor pools, putting greens, fire pits, a picnic area and dog park.

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