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FOUNTAIN HILLS, AZ-Phoenix-based Ridgeview Apartments LP followed the refinancing crowd into a first-trust deed for a floating-rate loan totaling $7.8 million. The 150-unit Ridge View Apartments at 13225 N. Fountain Hills Blvd. was the collateral.

The class A multifamily asset consists of nine buildings on about nine acres, situated some 30 miles northeast of Phoenix’s CBD. The apartments were constructed in 1999.

Washington Mutual Commercial Real Estate provided the funding for the loan. Rhett Nunnally, Washington Mutual’s director in Denver office, said in a prepared statement “although 95% of all available units are currently rented, there were construction defects, which have resulted in 14 down-units. Our loan will allow the borrower to cure the construction defects and stabilize occupancy over the remainder of 2002.” Nunnally said the initial rate was about 4.40% on a two-year loan, amortized over 30 years and representing 65% of the stabilized value.

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