Trending...
- Eddy Corp and SMAART POWER LLC Announce Strategic Teaming Agreement to Accelerate Microgrid and Distributed Energy Deployments - 333
- California: Governor Newsom signs most comprehensive data center laws in the nation, providing communities more control on water, electricity, and land use - 115
- Governor Gavin Newsom signs legislation to accelerate California's EV future, expand consumer choice, and strengthen energy independence - 107
EL SEGUNDO, Calif. - Californer -- Calmwater Capital has provided an Arizona-based private investment group with $10.5 million in short-term first mortgage debt to refinance a 65-unit multifamily property in Tempe, Arizona.
The two-year senior loan is secured by The Heights on Lemon Apartments which is located on a 1.74-acre site at 1224 Lemon St. Built in 1966 and renovated in 2021, the garden-style community is made up largely of two-bedroom apartment homes housed in eight two-story residential buildings. Each unit features stainless steel appliances, wood-style flooring, washer and dryer, and spacious kitchens. Common area amenities include a pool, sundeck, courtyard and BBQ/picnic area. The property is currently 97% leased.
The sponsor, an experienced multifamily investor and operator in the Phoenix area, acquired the property in 2021 with in place rents well below market. Since the purchase, the sponsor has invested more than $1 million on interior renovations, HVAC replacement, and multiple exterior upgrades.
"Since acquiring the asset, ownership has pushed rental growth and substantially improved the property," said Calmwater Director Zachary Novatt, who led the origination team that included Managing Principal Larry Grantham and Vice President DaJuan Bennett. "The Calmwater bridge loan will provide the sponsor an opportunity to continue improving the asset while preserving flexibility, which has become very important in the current market environment."
More on The Californer
Heights on Lemon benefits from its location in the heart of Downtown Tempe, which serves as a central hub for shopping, dining, nightlife, and recreation for residents in the area, including the approximately 75,000 students and faculty that attend nearby Arizona State University. The large student population combined growing tech sector continue to be tremendous demand drivers for quality rental housing in Tempe.
About Calmwater Capital
Calmwater Capital is a commercial real estate debt lender specializing in senior secured bridge and transitional loans. With offices in both Los Angeles and New York city metros, Calmwater provides certainty of execution and individualized attention to our borrowers nationwide. Founded in 2010, Calmwater has grown to attract institutional investors both domestically and internationally. Calmwater Capital has originated nearly $4 billion in loans across 243 transactions since 2010. For more information on Calmwater Capital, visit www.calmwatercapital.com.
The two-year senior loan is secured by The Heights on Lemon Apartments which is located on a 1.74-acre site at 1224 Lemon St. Built in 1966 and renovated in 2021, the garden-style community is made up largely of two-bedroom apartment homes housed in eight two-story residential buildings. Each unit features stainless steel appliances, wood-style flooring, washer and dryer, and spacious kitchens. Common area amenities include a pool, sundeck, courtyard and BBQ/picnic area. The property is currently 97% leased.
The sponsor, an experienced multifamily investor and operator in the Phoenix area, acquired the property in 2021 with in place rents well below market. Since the purchase, the sponsor has invested more than $1 million on interior renovations, HVAC replacement, and multiple exterior upgrades.
"Since acquiring the asset, ownership has pushed rental growth and substantially improved the property," said Calmwater Director Zachary Novatt, who led the origination team that included Managing Principal Larry Grantham and Vice President DaJuan Bennett. "The Calmwater bridge loan will provide the sponsor an opportunity to continue improving the asset while preserving flexibility, which has become very important in the current market environment."
More on The Californer
- California: Governor Newsom signs legislation protecting the LGBTQ community, pushing back on attacks by the Trump administration
- 1017 Brick Squad Records Announces The Signing Of Uneekint And Gepetto Jackson
- Ship Overseas Inc Expands Superyacht and Boat Ocean Transport Services to Global Hubs
- Governor Newsom signs new bills to further prevent gun violence and strengthen California's gun safety leadership
- Sellvia Market Reports Growing Interest in Ready-to-Run Online Businesses Ahead of Q4
Heights on Lemon benefits from its location in the heart of Downtown Tempe, which serves as a central hub for shopping, dining, nightlife, and recreation for residents in the area, including the approximately 75,000 students and faculty that attend nearby Arizona State University. The large student population combined growing tech sector continue to be tremendous demand drivers for quality rental housing in Tempe.
About Calmwater Capital
Calmwater Capital is a commercial real estate debt lender specializing in senior secured bridge and transitional loans. With offices in both Los Angeles and New York city metros, Calmwater provides certainty of execution and individualized attention to our borrowers nationwide. Founded in 2010, Calmwater has grown to attract institutional investors both domestically and internationally. Calmwater Capital has originated nearly $4 billion in loans across 243 transactions since 2010. For more information on Calmwater Capital, visit www.calmwatercapital.com.
Source: Calmwater Capital
Filed Under: Real Estate
0 Comments
Latest on The Californer
- New 'What Can Kill Me' App Helps Users Spot Hazards Before They Encounter Them
- Governor Newsom signs legislation supporting California Native AmericansGovernor Newsom signs legislation supporting California Native Americans
- California: Governor Newsom proclaims Native American Day
- ASN Software Introduces New California CARS Act Dealer Updates
- USA Air Management Marks 30 Years of Air Duct Cleaning in NJ Urges Homeowners to Schedule Dryer Vent Cleaning Before Heating Season
- Dr. Jay Johannigman Returns to Cincinnati Following 46 Years of Military Service
- California: Governor Newsom signs "Braun's Law," and package of bills to crack down on DUI offenders
- Allstream Energy Partners, SEO Experts in Oil and Gas, Awarded Gas Processing OEM Agreement
- Governor Newsom signs bills to keep strengthening security and safe access for California's faith and nonprofit communities
- Growth Story Expands: $54.6M Contract, $30M Revenue Run Rate, 800+ Customers, 50+ Patents & New AI Cybersecurity Products for Cycurion, Inc $CYCU
- Sky Quarry Restarts Nevada's Only Crude Oil Refinery — A Major New Chapter Begins in This Highly Lucrative sector for N A S D A Q: SKYQ
- Nutriband Inc. (N A S D A Q: NTRB) Breaks Into Uncharted Territory: 52-Week High Eclipsed as Shares Surge 22% —AVERSA™ Puts Investors on High Alert
- FabricLoop Opens a Team Workspace That Keeps Messaging, Tasks, Notes, and Calls in One Thread
- Long Beach Health Department Reports First West Nile Virus Death Since 2017
- City of Long Beach Reaches Tentative Three-Year Labor Agreement with IBEW
- California: Governor Newsom applauds federal film and TV tax credit bill, answering his call to keep production in America
- Noted Political Commentator a Major Influencer with multiple Millions of Viewers
- Marissa Goodbody's The Sloth, the Shrew, & the Cockatoo Takes Young Readers on a Rhyming Adventure
- NEW: Report shows major progress in California on preparing for wildfire, avoiding millions of tons of carbon pollution and toxic smoke
- Governor Newsom on the California Supreme Court ruling Sheriff Bianco illegally seized ballots