29th Street Capital recently acquired the 124-unit Solaire at Scottsdale apartment complex in Tempe, an East Valley suburb of Phoenix. The property was purchased with a $17.7 million loan from Gantry and is located between Old Town Scottsdale and Arizona State University. 29th Street Capital plans to upgrade the unit interiors and exterior of the property, which is surrounded by high-profile corporate employers such as General Dynamics, HonorHealth Scottsdale Osborne Medical Center, Vitalant, Indeed First Solar and Opendoor.
Gantry secured a five-year fixed rate Agency loan from Freddie Mac that features interest only payments for three years followed by a 35 year amortization schedule – maximizing loan proceeds while locking in an attractive interest rate at application time according to Adam Parker of Gantry who said “Our client sought a fixed rate permanent loan with maximum leverage and interest only payments.”
