NorthMarq’s Phoenix office arranges acquisition financing of $15.7 million for Sombra Apartment Homes in Phoenix, Arizona

Sombra Apartment Homes
Debt & Equity
Multi-Tenant
Multifamily
Permanent Loan - Fixed
Freddie Mac
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PHOENIX, ARIZONA (November 16, 2020) – NorthMarq completes the acquisition financing for the 264-unit, Sombra Apartments with a $15,738,000 Freddie Mac loan.  NorthMarq’s Phoenix Debt and Equity team led by Brandon Harrington, managing director and Tyler Woodard, vice president, arranged the financing for the borrower at over eighty percent loan to purchase price. The property is located at 2020 West Glendale Avenue in Phoenix, Arizona. The borrower was ReNUE Properties of Scottsdale, Arizona.  

“It was a pleasure working with ReNUE Properties on this acquisition, as they continue to increase their portfolio of Affordable properties within the Phoenix MSA,” said Harrington.

The 264-unit Sombra apartment community, built in 1973, comprises one-, two-, and three-bedroom units. The asset is fully affordable and subject to a LURA that limits one hundred percent of the units at 60 percent AMI. The property is situated along the I-17 corridor.

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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