Pinal County, Arizona (August 7, 2025) – Berkadia, a leader in the commercial real estate sector, announced today the financing of a 196-unit, BTR multifamily property in Pinal County, Arizona. Managing Director Joel Kirstein of Berkadia Houston, Senior Directors Mackinley Robinson and Vin Basa of Berkadia Seattle and Scottsdale, and Senior Managing Director Mark Forrester and Managing Director Andrew Curtis of Berkadia Phoenix secured $43.5 million in refinancing on behalf of the borrower. The deal closed on July 30.
The three-year loan featured a mid-200 spread over SOFR, full-term interest-only, and a 70% loan-to-value ratio.
“This refinance gave our client the best opportunity to maximize their returns to their investors. Not only did we reduce their cost of capital, but we also returned over $500 thousand, and provided three years of interest-only to give them plenty of time to optimize the property before selling,” said Basa.
“This process exemplified Berkadia SFR/BTR’s unmatched collaboration across the network in bringing the entire network’s resources forward all in the mission of best serving our clients and their partners,” added Robinson.
Situated in Pinal County, this property offers seamless access to Phoenix and South Chandler, placing residents near leading technology employers such as Intel and Lucid Motors. Completed in 2024, this BTR community boasts 196 units, featuring a resort-style pool and spa, a modern clubhouse, and private backyards for each residence.