PHOENIX, ARIZONA (December 8, 2020) – NorthMarq’s Phoenix investment sales team of Trevor Koskovich, president, Bill Hahn, executive vice president and Jesse Hudson, vice president secured the sale of Aya Scottsdale. NorthMarq represented both the buyer, Site Capital Partners, LLC, and the seller, AYA Scottsdale LLC in the transaction. The 125-unit multifamily property is located at 8750 East McDowell Road in Scottsdale, Arizona.
“AYA Scottsdale was positioned for a strategic value-add opportunity,” says Hudson. “The seller invested nearly one million dollars into exterior and interior improvements so that the buyer can focus on an interior upgrade program and enhancing the amenity package.”
Financing for the transaction was sourced by NorthMarq’s debt/equity team of Brandon Harrington, managing director, Bryan Mummaw, senior vice president, and Tyler Woodard, vice president arranged financing for the borrower through the company’s relationship with the national bridge lender. The bridge loan was structured with a three-year initial term allowing for future funding of the borrower’s capital expenditures.
“The borrower secured this acquisition Pre-COVID and believed in the transaction so much that they continued to push through the process even during the pandemic. Ultimately acquiring the asset with a bridge loan that allowed for future funding of their capital expenditure budget,” said Mummaw.