PHOENIX and SAN FRANCISCO – December 24, 2020 – Berkadia today announced the sale of and financing secured for Tides on Rail, a 488-unit garden-style multifamily property in Phoenix. Senior Managing Directors Ric Holway and Mark Forrester and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the $60 million sale on behalf of the seller, Phoenix-based Tides Equities and the buyer, New York-based Novogradac and Company LLP. The deal closed on December 17.
Managing Director Clay Akiwenzie of Berkadia’s San Francisco office also secured $42 million in Freddie Mac financing for the acquisition of the property on behalf of the buyer. The 10-year loan features five years of interest-only payments and a fixed interest rate below three percent.
“Tides on Rail presented a large-scale transit-oriented investment opportunity offering 488-units directly on the Metro Light Rail line and within walking distance of major retail shops including Sprouts and Albertsons Grocery stores,” said Cheyne.
“To get up and down on a deal in 45 days in December is never easy,” said Akiwenzie. “The fact that we did it in the middle of COVID amidst unprecedented deal flow is a testament to the incredible partnership we have with Freddie Mac and the focused team we had on the field.”
Located at 1905 W Las Palmaritas Drive, Tides on Rail features studio, one-, and two-bedroom floor plans with select fully upgraded units featuring new white kitchens with quartz countertops, faux, hardwood floors and stainless-steel appliances. The pet-friendly community’s amenities include four swimming pools, a sport court and a two dog parks.