The 337-unit Coral Point Apartments is located in Mesa, Ariz.
Phoenix (November 7, 2025) – CBRE has arranged financing totaling $45.6 million for the acquisition and renovation of Coral Point Apartments, a 377-unit multifamily community located at 2343 West Main Street in Mesa, Ariz.
CBRE’s Shaun Moothart, Doug Birrell, Bruce Francis, Bob Ybarra, Nick Santangelo, Anna Britt, and Amber Coleman, with the company's Capital Markets' Debt and Structured Finance team, secured a three-year, floating-rate term featuring full-term interest-only, with two extension options on behalf of the InTrust Property Group. The lender was Brightspire Capital.
"Congratulations to the sponsor on a market-setting execution," said Moothart, executive vice president at CBRE. "The strength of the sponsorship, attractive cost basis and clearly defined value-add strategy fostered a highly competitive lending environment, resulting in exceptional financing terms at a time when bridge lenders are actively seeking opportunities to deploy substantial capital."
Coral Point spans 15.94 acres and comprises 24 two-story buildings, with community amenities including three swimming pools, two spas, a clubhouse and business center, fitness center, outdoor BBQ areas and a play area.
"In a risk-off environment, we chose to lean in. We will continue to identify opportunities grounded in a defensible basis and a disciplined business plan, designed to deliver upside for our investors. We're excited about the opportunities offered by this project," said Josh Needle, InTrust Property Group, Principal and CEO.
The sponsor's value-add strategy includes plans to install washers and dryers in every unit, refresh exteriors and activate amenities.