Elite North Scottsdale
The Ezralow Co. has secured $86.2 million in everlasting acquisition financing for the 360-unit Elite North Scottsdale in Scottsdale, Ariz. Berkadia organized The ten-yr Freddie Mac mortgage at shut to full curiosity-solely phrases and a 60 % mortgage-to-worth ratio.
The agency purchased the asset in September by way of a $313 million portfolio sale that embraced the adjoining 364-unit Ascend at Kierland.
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Inbuilt 1996, Elite North Scottsdale embraces one- To three-bed room floorplans, Starting from 803 sq. ft to 1,397 sq. ft, Based mostly on Yardi Matrix knowledge. Every unit options 9-foot ceilings, stroll-in shutts and A private balcony or patio. Group amenities are shared with Ascend at Kierland and embrace two swimming pools, two spas, a Clinic, a canine park, a tennis courtroom and 938 parking areas.
Located at 6735 E. Greenway Parkway, Elite North is 1 mile west of the Scottsdale Airport, whereas downtown Scottsdale Is a few 10 miles south of the property. Kierland Commons Buying center is Decrease than a mile northeast, whereas Cactus Park Is a few 2 miles southeast.
Freddie Mac allowed a 4-month early price lock so the borrower might execute their Advertising stpricegy for The acquisition, said Allan Freedman, managing director with Berkadia, in ready remarks. Freedman, Collectively with Affiliate Director Nick Provost of Berkadia L. a. secured the mortgage on behalf of the borrower.
Source: https://www.multihousingnews.com/phoenix-community-lands-86m-freddie-mac-loan/