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Bobby Weinberg, senior vice president/senior director, and Mason Brower, vice president of Northmarq’s Dallas debt/equity office, arranged the refinance for Palisade Park, a 29-building, 214-unit multifamily property located at 3001 North Black Canyon Highway in Phoenix, Arizona. The transaction was structured on a 10-year with 5-years interest only term followed by a 30-year amortization schedule. Northmarq arranged the permanent-floating loan for the borrower through its status as a Freddie Mac lender.
“Turnstone and their management team have created significant value at Palisade Park through their renovation strategy. They were able to take advantage of the value created through a refinance to return capital to investors while providing flexibility moving forward. Northmarq was able to assist by providing the financing,” said Weinberg in a statement.
Palisade Park Apartments is a gated community situated in Midtown Phoenix just minutes from downtown, centered amid major education and employment corridors. The property recently underwent full interior renovations and boasts quality finishes. Within a five-mile radius of the apartments, population totals 481,640, alongside a median home value of $222,249.
Unique community amenities include: Two renovated swimming pools, community BBQ grills with picnic area, Wi-Fi café, playground, covered parking, two on-site laundry facilities, pet play station, soccer field, package service, on-site property management/maintenance, video surveillance, and online rent payment services.
Apartment amenities include: High-speed internet access, in-unit washer/dryer, walk-in closets, ceiling fans, private balcony/patio, spacious carpeted bedrooms, vinyl flooring, dining and family rooms, linen closet, and window coverings.