$17.3M financing for Spring Meadow in Glendale, Arizona, announced by HFF
DENVER, CO – June 7, 2018 – HFF announces $17.3 million in financing for Spring Meadow, a 271-unit, apartment community in the Phoenix suburb of Glendale, Arizona.
The HFF team worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA, Inc.-managed fund, to secure the five-year, floating-rate loan through a national bank. The partnership acquired the property on an all-cash basis in October 2017, and this loan was arranged post-close to assist with their capital expenditure program. This transaction follows four other recently announced loans HFF arranged on the partnership’s behalf for Greentree Place and Autumn Creek Apartments in Chandler, Arizona, as well as Brynwood and Sereno Park Apartments in San Antonio, Texas.
Spring Meadow is located at 10030 North 43rd Avenue minutes from downtown Glendale, Glendale Community College and Westgate City Center. The property is also close to Interstate 17 and State Highway 101, which offers accessibility around the greater Phoenix metropolitan area. Spring Meadow comprises one- and two-bedroom units ranging from 525 to 918 square feet. Some of the units have undergone recent upgrades to include new appliances, flooring, paint, fixtures and in-unit washers and dryers. Amenities include a swimming pool, hot tub, barbecue/picnic area, fitness center and covered parking.
The HFF team representing the borrower included managing director Josh Simon and senior director Brad Miner.
Holliday GP Corp. ("HFF") is a commercial mortgage broker licensed with the Arizona Department of Financial Institutions, License Number CMB 0935500 and NMLS Number 1524298.
About MDC Realty Advisors USA, Inc.
MDC Realty Advisors USA, Inc. is a private boutique real estate company focused on commercial and multi-residential markets in the western United States and western Canada. The company offers real estate advisory services in investment, asset and property management of office, industrial, retail and multi-residential properties. MDC is also involved in raising capital and private equity real estate investing for asset appreciation. MDC has offices and operations in Denver, Phoenix, Los Angeles, Chicago and Seattle in the U.S. and Calgary, Vancouver and Toronto in Canada. For more information, please visit mdcra.com.
About Western Wealth Capital
Western Wealth Capital has a singular focus: create wealth through well-selected real estate investment. WWC acquires underperforming multifamily rental properties and increases net operating income and valuation through an approach that has been successfully applied across its entire portfolio. WWC manages these assets, distributes resulting cash flow to investors and, when appropriate, divests. WWC only focuses on markets underpinned by the economic fundamentals of population, employment and GDP growth. Its entry point is when these demand drivers place long-term pressure on vacancy rates and rental pricing. To date, WWC has invested in the Phoenix and San Antonio markets. Its execution and results have formed strong relationships that give it access to some of the best multifamily investment opportunities in the American Southwest. For more information, email firstname.lastname@example.org or visit westernwealthcapital.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.