Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $23 million Fannie Mae loan to finance the acquisition of a multifamily property located in Prescott Valley, Arizona.
The Terraces at Glassford Hill is a 226-unit garden-style apartment community comprised of 19, two- and three-story apartment buildings with a leasing office/clubhouse and a fitness center. The property is located at 5700 E. Market Street on approximately 16 acres.
The borrower is Barone-Tanamera Condominiums LLC, a Nevada Limited Liability Company, backed by Damon Barone. The loan term is 12-years with amortization based on a 30-year schedule with the initial nine years as interest-only. Yield maintenance will also apply during the first 11.5 years.
“The Terraces at Glassford Hill was built in 2003 and is in excellent condition,” noted Vic Clark, Managing Director with Hunt Mortgage Group. “Mr. Barone has 25 years of real estate investment, development and management experience. He is a seasoned executive that is well versed in all aspects of business relating to acquisitions, including the renovation and management of multifamily, residential and hotel projects.”
The Terraces at Glassford Hill deal was brokered by Duke Stone with Churchill Capital.
Project amenities include: a clubhouse, resident lounge area, business center, outdoor lounge, community swimming pool and heated spa, gas barbeque grills and picnic areas, a playground, 24-hour fitness center, garage units and covered parking.
The property is at the intersection of Market Street and Crownpointe Drive, directly north of State Route 69, a major east-west thoroughfare connecting Prescott Valley to Prescott in the east, and Interstate 17 in the west. Prescott Valley is approximately 80 miles north of Phoenix and is accessible to Phoenix via Interstate 17.
“Until recently, Prescott Valley was thought of almost exclusively as a bedroom community as most employment, medical, recreational and shopping facilities were located in Prescott,” added Clark. “However, numerous new light industrial operations are locating in Prescott Valley, expanding the employment base. And as the population grows, an increasing number of support and service businesses are being established in the local area as well.”
“The Prescott Valley neighborhood is expected to grow. We were pleased to facilitate this acquisition for a quality sponsor who is investing in a developing area,” concluded Clark.