LOS ANGELES – June 8, 2021 – Berkadia today announced the financing secured for Cactus Forty-2, a garden-style multifamily property located in Phoenix, Arizona. Managing Director Allan Freedman of Berkadia Los Angeles secured the $31.9 million in permanent acquisition financing on behalf of the borrower, California-based The Ezralow Company. The deal closed on April 28.
The seven-year Freddie Mac loan features full-term interest-only.
“Berkadia and Freddie Mac saw the upside potential day one, in addition to the property’s super strong collections during these times,” said Freedman. “As a result, Freddie was able to offer competitive financing.”
“We are excited about our acquisition of Cactus Forty-2,” said Bryan Ezralow, president of The Ezralow Company. “The full-term interest only loan provided by Berkadia and Freddie Mac enables us to enjoy long-term cashflow while conducting our business plan. We are super excited about our entrance into Phoenix and the opportunities to come.”
Located at 4242 E Cactus Road, Cactus Forty-2 features studio, one- and two-bedroom floor plans with stainless steel appliances and nine-foot ceilings. Community amenities include a resort-style swimming pool, an outdoor kitchen, a fireplace and gathering space, a pet park, a fitness center and a clubhouse. Residents are afforded convenient access to the shops and restaurants along E Cactus Road and Arizona State Route 51.