DENVER and WASHINGTON D.C.– February 19, 2020 – Berkadia today announced $39 million in secured financing for Tides on Thunderbird, a garden-style multifamily property in Phoenix, Arizona. Jonathan Pratt and Rossana Bouchaya of Berkadia’s D.C. Metro office along with Chris Ellis of Berkadia’s Denver office together secured the acquisition financing on behalf of Utah-based NorthRock Companies. The deal closed on February 18.
The 10-year Fannie Mae loan features a fixed interest rate below 3.5 percent, a 70 percent loan-to-value ratio and five years of interest-only.
“NorthRock is a fast-growing firm and we at Berkadia are excited to be their financing partner and help enable that growth,” said Pratt. “We were able to work closely with the NorthRock partners to find the debt structure that would allow them to improve the property for the residents, execute their business plan and deliver attractive returns to their capital partners.”
Located at 2140 W Thunderbird Road, Tides on Thunderbird features studio, one- and two- bedroom floor plans with quartz countertops, walk-in closets, air conditioning, in-unit washers and dryers and LED lighting. Community amenities include a swimming pool, a fitness center, a business center, a clubhouse, covered parking and a barbecue area. Residents are afforded convenient access to Cave Creek Park, Cave Creek Golf Course, Interstate 17 and the shops and restaurants along W Thunderbird Road.
Berkadia Secures $39 Million in Financing for Multifamily Property | Commercial Executive Magazine
NorthRock Obtains $39M Loan Tides on Thunderbird Buy | Connect Commercial Real Estate News
NorthRock JV Acquires Phoenix Community for $55M | Multi-Housing News