PHOENIX—Berkadia recently originated a $29.8 million loan for the acquisition of Midtown on Main, a multifamily property located at 2121 W. Main St. in Mesa. Senior vice president Andy Hill of Berkadia's Austin office and senior vice president Laura Cathlina of Berkadia's Chicago office secured the three-year, floating-rate loan through BBVA Compass.
Hill and Cathlina arranged the full term, interest-only loan for DFA/BH Midtown, LLC, a client they have worked with previously.
Hill and Cathlina tell GlobeSt.com, “Our borrower was encouraged by the improving fundamentals in the submarket, lack of new construction and the soon-to-be-complete extension of the metro rail that runs along Main Street in front of the property.”
“Our team worked diligently with the Borrower and BBVA to structure and close the loan in fewer than 30 days during the busy holiday season,” adds Hill.
Midtown on Main features 472 one- and two-bedroom layouts and is 95% occupied. Amenities include a pool, playground, basketball courts and storage space. The property is located on 18.5 acres of land along Main Street on the metro light rail line that connects Mesa to Tempe near US Interstate 10 and Arizona State Route 101, providing access to the greater Phoenix area.
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