PHOENIX, ARIZONA (December 8, 2022) – Bobby Weinberg, senior vice president/senior director, and Mason Brower, vice president of Northmarq’s Dallas debt/equity office, arranged the refinance for Palisade Park, a 29-building, 214-unit multifamily property located at 3001 North Black Canyon Highway in Phoenix, Arizona. The transaction was structured on a 10-year with 5-years interest only term followed by a 30-year amortization schedule. Northmarq arranged the permanent-floating loan for the borrower through its status as a Freddie Mac lender.
“Turnstone and their management team have created significant value at Palisade Park through their renovation strategy. They were able to take advantage of the value created through a refinance to return capital to investors while providing flexibility moving forward. Northmarq was able to assist by providing the financing,” said Weinberg.
Palisade Park Apartments is a gated community situated in Midtown Phoenix just minutes from downtown, centered amid major education and employment corridors. The property recently underwent full interior renovations and boasts quality finishes. Within a five-mile radius of the apartments, population totals 481,640, alongside a median home value of $222,249.
Unique community amenities include: Two renovated swimming pools, community BBQ grills with picnic area, Wi-Fi café, playground, covered parking, two on-site laundry facilities, pet play station, soccer field, package service, on-site property management/maintenance, video surveillance, and online rent payment services.
Apartment amenities include: High-speed internet access, in-unit washer/dryer, walk-in closets, ceiling fans, private balcony/patio, spacious carpeted bedrooms, vinyl flooring, dining and family rooms, linen closet, and window coverings.
The Phoenix multifamily market is forecast to remain active through the remainder of this year and into 2023. As recorded in Northmarq’s Phoenix multifamily market report, renter demand for apartment units is expected to be fueled by a local employment market that is showing no signs of letting up and has been accelerating in recent months. Read the full report here.