Mesa West Capital has provided KB Investment & Development Co. with $108 million in first mortgage debt for its acquisition of an apartment community in Tempe, according to a news release.
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Real Estate
Tempe apartments acquired for $108M
Posted
Independent Newsmedia
Mesa West Capital has provided KB Investment & Development Co. with $108 million in first mortgage debt for its acquisition of an apartment community in Tempe, according to a news release.
The five-year, floating-rate loan is for Skywater at Town Lake, located at 601 W. Rio Salado Parkway.
Built in 2015, the five-acre property offers 328 apartments in a mix of studio, one-, two- and three-bedroom floor plans spread across five four-story, elevator-served buildings. Community amenities include a sundeck; swimming pool; top-floor resident clubhouse with a full kitchen, pool tables and wrap-around balcony; outdoor kitchen and entertainment space with firepits and games; two-story fitness center with a yoga studio and Peloton bikes; electric vehicle charging stations; bike/paddle board/kayak storage room; underground parking structure; and onsite coffee shop.
At the time of closing, the property was 96.6% leased. Rocco Mandala of CBRE arranged the financing.
