Financing Amount:
Cash-out Refinance
Capital Source:
Fannie Mae
Transaction Details:

Tamarak Gardens is a 144-unit apartment project located in Phoenix, Arizona. It was originally built in 1984 and has a unit mix consisting of studio, one, and two-bedroom units. Amenities include community swimming pool and spa, clubhouse, and onsite laundry facilities.

The property was acquired by the borrower, an experienced private investor, in December 2014. At the time of purchase, the property suffered from above market vacancy and a very poor tenant composition. Under new ownership, the property has flourished, with both occupancy and NOI reaching peak levels.

The long term, fixed rate loan, secured through Fannie Mae, provided the borrower with a significant cash-out, which will be used to deliver equity back to investors and provide capital to re-invest in additional opportunities.

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