LOS ANGELES – March 14, 2022 – Berkadia announced today the financing secured for Ascend at Kierland, a 364-unit garden-style multifamily property located in Scottsdale, Arizona. Managing Director Allan Freedman and Associate Director Nick Provost of Berkadia Los Angeles secured the $98.026 million in permanent refinancing on behalf of the borrower, California-based The Ezralow Company. The deal closed on March 1.
The 10-year Fannie Mae loan features a 3.56 percent interest rate and is full-term interest only.
“The near stabilization execution offered by Fannie Mae allowed Berkadia to underwrite projected income while locking in interest rates today without a forward cost,” said Freedman.
“The creative loan structure provided by Berkadia allowed us to continue renovations at the asset and realize the value potential at the property by maximizing cash flow in the near term,” said Bryan Ezralow, CEO of the Ezralow Company.
Located at 6633 E Greenway Parkway, Ascend at Kierland features one-, two- and three-bedroom floor plans with nine-foot ceilings, in-unit washers and dryers, walk-in closets and private balconies or patios. Community amenities include a swimming pool, a fitness center, a clubhouse, a dog park and a tennis court. Residents are afforded convenient access to Scottsdale Airport, The Westin Kierland Golf Club and the shops and restaurants along E Greenway Parkway.