Northmarq’s Phoenix office completes $11 million bridge loan for Sandalwood Square in Phoenix, Arizona
PHOENIX, ARIZONA (December 29, 2021) – Griffin Martin, senior vice president/managing director of Northmarq’s Phoenix debt/equity team, arranged a $11 million bridge loan for Sandalwood Square. The 67-unit multifamily property, built in 1967, is located at 4325 North 23rd Avenue in Phoenix, Arizona. The transaction was structured with a 3-year interest-only term. Northmarq arranged financing for the borrower, through its relationship with a bridge/mezzanine lender.
The property is located in Midtown Phoenix, which offers a plethora of shopping and retail destinations, such as Camelback Colonnade and Biltmore Fashion Park. The area also boasts numerous recreational activities at local parks, as well as the large Phoenix Mountains Preserve, only a short drive away. Commuters benefit from close proximity to major highways, and the light rail, making accessing downtown Phoenix and beyond simple.
Community amenities include: Laundry facilities, maintenance on site, property manager on site, trash pickup, online services, pet play area, public transportation, storage space, pool, playground, walking/biking trails, courtyard and grill. Apartment amenities include: High speed internet access, Wi-Fi, air conditioning, heating, ceiling fans, smoke free, cable ready, security system and wheelchair accessible rooms.
