PHOENIX, ARIZONA (March 22, 2021) – NorthMarq’s Phoenix office completed the recapitalization of the Stratford Apartments, 17625 N. 7th Street, Phoenix, Arizona on February 26, 2021.
The Debt and Equity team of Brandon Harrington, Bryan Mummaw and Tyler Woodard arranged a new $43,367,000 Freddie Mac senior loan and structured an $8,000,000 preferred equity investment.
“This transaction illustrates the depth of NorthMarq’s ability to craft a complete capital stack for our clients,” said Brandon Harrington, managing director – debt and equity. “By bringing in preferred equity and a new Freddie Mac loan, the sponsor was able to buy out current investors while still retaining control of the property for a long-term hold.”
The Investment Sales team of Trevor Koskovich, Bill Hahn, and Jesse Hudson advised the principal on the process. The initial and successor ownership entities are all affiliates of 3rd Avenue Investments of Phoenix. 3rd Avenue Investments has been an active buyer and seller of major multifamily projects in metropolitan Phoenix for seven years.
According to Trevor Koskovich, president of NorthMarq’s Investment Sales platform, the Stratford Apartments transaction was the culmination of a series of events leading to a prosperous outcome. “NorthMarq’s integrated platform of investment sales, and debt and equity execution provided this sponsor with the original opportunity, acquisition financing, advice on the value-add component, and the exit strategy that provided significant wealth generation.”