Arizona developer Brandon Treger has nabbed a $19.3 million refinance loan for a multifamily property in suburban Phoenix, Commercial Observer has learned.
Newmark (NMRK) provided the five-year, fixed-rate loan on Treger’s 128-unit Harmony at Hurley Farms development in Tolleson, Ariz. The deal closed with a 6.41 percent interest-only loan with a loan-to-value of 60 percent and 30-year amortization period.
“The newly constructed property had strong leasing velocity and was 70 percent occupied when MMCC initiated discussions with capital sources,” Waller said in a statement. “We successfully negotiated an early rate lock, as well as a seven-day rate lock extension, providing our client with stability and some flexibility during a period of increasing rates.”
Located at 2929 South 91st Avenue around 15 miles west of Downtown Phoenix, Harmony at Hurley Farms debuted this past spring. Community amenities include a swimming pool, fitness center and dog park.
Spokespeople for Newmark and Treger did not immediately return requests for comment.
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