NorthMarq’s arranges $18,011,000 in acquisition financing for Tides on 17th in Phoenix, Arizona

PHOENIX, ARIZONA (June 15, 2021) – Griffin Martin, senior vice president/managing director and James DuMars, senior vice president/managing director of NorthMarq’s Phoenix debt/equity team secured acquisition financing of $18,011,000 for Tides on 17th. The 160-unit multifamily property is located at 5656 North 17th Avenue in Phoenix, Arizona. The transaction was structured with a 10-year term with 5-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged the permanent floating loan for the borrower through its Optigo status as a Freddie Mac lender. 

The property benefits from its location in Midtown Phoenix, which offers a variety of rental communities within close proximity to major highways, the light rail and Downtown Phoenix. Residents may also easily access numerous dining options and retail opportunities in the area. Tides on 17th is also situated near numerous recreational activities/parks and is within four miles of three places of higher education (Phoenix College – 3.0 miles; Grand Canyon University—3.0 miles and DeVry University Arizona—3.9 miles). 

“The client had numerous finance alternatives at the time of acquisition but selected NorthMarq/Freddie Mac due to their certainty of execution, excellent loan terms and integrated direct lending platform,” said Martin.