CBRE Facilitates $60.3 Million Loan for Refinance of Two Student Housing Properties in Flagstaff, Ariz.
PHOENIX, Arizona – CBRE announced it secured a $60.3 million loan on behalf of Aultas Investment Management, a private real estate investment company based in San Diego, for the refinancing of two student housing properties in Flagstaff, Ariz.
Brian Eisendrath and Cory Wizenberg of CBRE arranged the 10-year loan through Freddie Mac. The refinance proceeds were used to take out the existing HUD loans that were assumed by Aultas at the time of acquisition in May 2016 and return capital back to Aultas.
“Freddie Mac’s multifamily lending programs continue to support our efforts to deliver clean, safe, affordable housing to our residents in Flagstaff,” said Aultas principal Stu Bone. “In partnership with Freddie Mac’s Green Advantage program, we are also proud to report that we will be reducing energy and water consumption at these properties by over 30 percent. As always, it was a pleasure to work with Brian Eisendrath, Cory Wizenberg and their capital markets advisory team. They continue to deliver capital on time and on terms.”
The first property, Clear Creek Village, is located at 875 East Pine Knoll Drive and features 107 units with a mix of one-, two- and three-bedroom apartments. The second, Ridge at Clear Creek located at 997 East Pine Knoll Drive, is a 306-unit, garden-style apartment complex. Both properties are situated near Northern Arizona University.
“Given the properties’ proximity to the university, there is steady, high demand from the student population,” said Eisendrath. “These properties sit in a market that continues to trend positively and has experienced consistent growth.”