PHOENIX, ARIZONA - Churchill Commercial Capital, Inc. (Cynthia Hammond, President and Chad Lafferty, Associate Vice President)announces the closing of a $33 million loan to finance the acquisition of Seventh Urban 286 Apartments, a 286-unitmulti-family property located in Phoenix, AZ. The property was sold for $37.25MM ($130,245 per unit) to Urban Communities with Marcus & Millichap (Steve Gebing, Cliff David) brokering the sale for the seller.
Built in 1970, Seventh Urban is a garden style apartment complex composed of 286 units spread across 11 buildings. Churchill arranged a 3-yearnon-recourse, high leverage, borrower friendly bridge loan with a debt fund fora single asset LLC controlled by Urban Communities, LLC. Urban Communities is planning to improve the property through interior renovations, improvement to site amenities, and other capital expenditures to enhance the operating potential of the complex.
Located on 7th Street North of Camelback, Seventh Urban provides residents rapid access to all corners of the Valley. The surrounding neighborhood has become Phoenix’s trendiest dining destination and is surrounded by more than 200 original concept, fast-casual, and established restaurants. Seventh Urban is next to several major retail and employment centers being three minutes away from Uptown Plaza, five minutes from Shops at Town & Country,and seven minutes away from the Biltmore Fashion Park and Camelback Esplanade.
Churchill Commercial Capital is an Arizona based commercial mortgage banker actively arranging loans and joint venture equity for commercial and multifamily properties.Established in 1994, Churchill’s lending relationships include major life insurance companies, multifamily agency lenders, specialty finance companies that make bridge loans, investment banks originating loans destined for securitization, and select banks making portfolio loans. Churchill also locally services loans on behalf of its correspondent lenders.