Out-of-State Investors See Opportunity in Phoenix Multifamily Market
Greystone announced it has provided $42,572,000 in total Fannie Mae Delegated Underwriting and Servicing (DUS®) loans for separate acquisitions of two properties in Phoenix, AZ.
The two Fannie Mae loans carry 10-year terms with 30-year amortization. The acquired properties include:
- Canyon Crossroads, garden-style apartment community located in Phoenix, AZ. The property comprises 280 units with amenities including resort-style pool, athletic center, media center, outdoor lounge with entertainment area, and billiards room. The $31,660,000 loan was closed by Tim Thompson of Greystone’s San Francisco office. The buyer, acquiring its third property in Arizona, is based in Oregon.
- Summerhill Place Apartments, located just Northwest of Phoenix in Glendale, AZ. Comprising 232 units, Summerhill Place offers residents a clubhouse, swimming pool, business center, and playground. The $10,912,000 loan was closed by John Tilsch of Greystone’s San Francisco office. The buyer is based in Seattle, WA. The transaction was brought to Greystone by Jeff Coats of J.S. Coats, LLC.
“Not only is Greystone a consistently reliable and trusted lender, but we highly value their input when considering assets in new markets, and how acquisitions will impact our growing portfolio and ability to finance future real estate opportunities,” said Al Jiwani of Trimark Property Group, the borrower for Summerhill Place Apartments.
"Multifamily financing continues to show robust demand, and Fannie Mae financing is an ideal solution for property owners seeking to expand their portfolios in markets such as Phoenix," said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. “We are seeing more and more real estate investors seek opportunities inland as they search for yield, and a premier property such as Canyon Crossroads is a prime example of this strategy coming to fruition,” he added.