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GLENDALE, AZ-Arrowhead Highlands Apartments has secured more than $24 million in financing to pay off an existing loan at the 336-unit, garden-style apartment community.

The loan on the 5901 W. Behrend Dr., Glendale apartment complex was the second loan in three months secured by LJ Melody & Co. for property owner Mark-Taylor Development, Rocco Mandala, with LJ Melody, tells GlobeSt.com. Both properties were more than 90% occupied at the time of refinancing through Wachovia Securities, Mandala said.

The Glendale property, located near 59th Avenue and the Loop 101, features more than 338,000 sf set in an upscale lake community with a resort-style pool and a sand beach.

In December 2002, the national real estate investment banking firm arranged a $14.5-million loan for the 180-unit San Cabrilla apartments at 6400 E. Thomas Rd. in Scottsdale. San Cabrilla, situated near 64th Street and East Thomas Road, is set on 8.83 acres and features two- and three-story buildings with an average unit size of 1,021 sf.

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