Sunrise Multifamily secures acquisition financing, plans to renovate
JLL Capital Markets arranged the $13.725 million loan through Freddie Mac
PHOENIX, November 20, 2020 – JLL Capital Markets announced today that it has arranged $13.725 million in acquisition financing for the 117-unit, Haven at South Mountain multi-housing property in Phoenix.
JLL worked on behalf of the borrower, a joint venture between Sunrise Multifamily and Intrust Property Group, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Located at 1630 E. Baseline Rd, the property is 97% occupied and offers studio, one- and two-bedroom units for rent. Units include spacious floorplans, private patios and balconies, walk-in closets and granite countertops. Community amenities include a pet park, barbeque and picnic area, fitness center, playground and pool.
Haven at South Mountain is conveniently located near various shopping and grocery centers and the Phoenix area’s hiking and trails including the Mormon, Beverly Canyon, Geronimo and Prima Canyon Trailheads and the South Mountain Park and Preserve. The apartments are also just 30 minutes from Scottsdale, home to the prominent Echo Canyon hiking trail and premiere shopping and retail including Scottsdale Fashion Square and Kierland Commons.
The JLL Capital Markets team representing the borrower was led by Director Tim Brousse.
“JLL is excited to have been able to provide attractive acquisition financing for Haven at South Mountain and is looking forward to seeing the continued growth of both Sunrise Multifamily and Intrust Property Group,” said Brousse.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.