Berkadia Secures $79.42 Million in Financing For Multifamily Property in Arizona
AUSTIN, Texas – July 1, 2022 – Berkadia today announced the financing secured for Villetta Apartment Homes, a 352-unit garden-style multifamily housing property in Mesa, Arizona. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia Austin Mortgage Banking secured the $79.4 million in acquisition financing on behalf of the Sponsor, Western Wealth Capital. The deal closed on June 7.
The bridge loan was financed through ACORE Capital.
“After extensive discussions with a variety of capital sources, we were able to work with ACORE to deliver a loan structure that was consistent with the Borrower’s business plan and provided the leverage and flexibility that they needed,” said Hill. “Over the next few years, Western Wealth Capital will complete their disciplined value-add program which will include unit interior upgrades and additional community enhancements.”
Located at 1840 W Emelita Ave., Villetta offers studio, one- and two-bedroom floor plans with walk-in closets and private patios or balconies. Community amenities include three resort-style swimming pools with outdoor lounge seating, a fitness center, a soccer field, a pet park and a community playground. Residents are afforded convenient access to the Banner Desert Medical Center as well as the shops and restaurants along U.S. 60 and Loop 101.
Property photos available upon request.