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PHOENIX-A Chicago-based apartment investor has secured $14.3 million in permanent financing on the 240-unit Riverwalk Apartments near Sky Harbor Airport. A partnership led by Howard Pattis and PACE Management in Chicago bought the complex at 5345 E. Van Buren St. in August for $19 million from San Diego-based Fairfield Residential.

The Fannie Mae DUS loan covered 75.3% of the borrower’s acquisition costs and carries a fixed interest rate of 6.94%. The loan has a 10-year term with a 30-year amortization schedule. James Pierson III of Johnson Capital Partners of Arizona, a related company of Green Park Financial correspondent Johnson Capital Group, arranged the financing.

Riverwalk Apartments, built in 1999 by Fairfield Residential, has one- and two-bedroom units. Amenities include a clubhouse, executive business center, exercise facilities, sand volleyball court, resort-style swimming pool and spa, detached garages and pond with fountain and waterfall.

The apartment complex is positioned in the up and coming area of East Phoenix’s 44th Street Corridor. Sky Harbor International Airport is about two miles west of the Riverwalk Apartments and several major freeways within a few minutes drive. If issues regarding safety can be resolved, Tempe plans to build the new $335-million football stadium about a mile east of the apartments. That project is sure to attract dozens of new amenities, including hotels, restaurants, shops and bars.

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