PHOENIX and SALT LAKE CITY – May 27, 2021 – Berkadia announced today the sale of and financing secured for The Franciscan, a 140-unit garden-style multifamily property in Phoenix, Arizona. Senior Managing Directors Ric Holway and Mark Forrester and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the sale on behalf of the seller. The buyer was Utah-based Sundance Bay, and the deal closed on April 14.
Associate Director Maggie Burke of Berkadia’s Salt Lake City office secured $15.4 million in permanent acquisition financing for the property on behalf of the borrower, Utah-based Sundance Bay. The 10-year, variable rate Freddie Mac loan features five years interest only.
“The Franciscan was a well-positioned opportunity that provided multiple value-add strategies for the new owners,” said Holway. “The community offered unique single-story construction with a mix of one-, two- and three-bedroom apartment homes.”
“Sundance Bay’s acquisition of The Franciscan expands their growing footprint in Phoenix, and we were thrilled to help facilitate this transaction with our partners at Freddie Mac Multifamily,” said Burke. “The Franciscan is a sound investment for Sundance Bay with tremendous upside.”
Located at 4235 N 35th Ave., The Franciscan features convenient access to U.S. Route 60, Grand Canyon University and the shops and restaurants on W Indian School Road.