Arbor provides $30 million acquisition loan for Arizona apartment purchase – Business Observer
Vertical street businesses has landed $30 million in acquisition financing to buy a multi-family property in Tucson, Arizona, Commercial Observer can first report.
Arbor Real Estate Trust was the lender in connection with the acquisition of the asset of 232 apartments in 3985 North Stone Avenuesources told CO. The interest-only loan has a spread of 4.05% and a term of 36 months.
Meridian Capital Groupit is Barry Lefkowitz and Scott Rosenstock arranged the transaction from the company’s office in Iselin, NJ.
“Even in the unpredictable and volatile market we currently face, our team was able to leverage Meridian’s relationships to successfully complete this transaction with the same product as the app, while simultaneously guiding our client through the process. closing,” Rosenstock said in a statement. .
Located four miles from the University of Arizona campus, the two-story building sits on just under 7 acres. Community amenities include covered parking, nearby public transportation, swimming pool, barbecue and picnic area, laundry facilities, gated access, and two dog parks.
“This transaction was a true testament to a miraculous group effort, with an excellent client, broker and underwriter working together to achieve a common goal,” Lefkowitz said in a statement.
Arbor and Vertical Street Ventures officials did not immediately return requests for comment.
Andrew Coen can be reached at [email protected].