(Read more on the debt and equity markets andthe multifamilymarket .)
BALCH SPRINGS, TX-With a 1031 exchange clock ticking, a privateinvestor from Corvallis, OR has gotten in under the wire with the$22.5-million acquisition of the 296-unit Stoneleigh on Cartwright.A 10-year loan, with a low 6% fixed-rate interest, is underwritingthe replacement play.
"We satisfied the exchange on the last day," Jason Cooney,managing director for Scottsdale, AZ-based Axxiom CommercialCapital, tells GlobeSt.com. The loan originator says the 80%loan-to-value financing put a now 93%-leased complex on 30.3 acresat 500 W. Cartwright Rd. into the hands of Dr. M.T. Aliniazee, whowas deploying gain from the sale of the Las Vistas at PapagoPark at 1010 N. 48th St. in Phoenix into his first Texasdeed.
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