HFF Closes $28M Loan for Phoenix Apartments

By Alex Ciorogar

San Palmas at Mission Park

HFF has secured a $27.5 million acquisition loan for San Palmas at Mission Park, a 240-unit, garden-style community in the Phoenix suburb of Chandler, Ariz. The firm worked on behalf of Continental Realty Advisors, which bought the property for $43 million, according to Yardi Matrix. HFF arranged a seven-year, 3.9 percent, interest-only, fixed-rate loan through Freddie Mac’s CME program.

Spread across 14 acres, San Palmas at Mission Park comprises 30 two-story buildings with a mix of one-, two- and three-bedroom units. Located at 1111 N. Mission Park Blvd., the property was built in 1998 and encompasses a total of 234,168 rentable square feet.

Interior amenities include fully equipped kitchens, walk-in closets, washers, dryers and private patios or balconies. Community amenities include:

• a resort-style pool
• controlled access
• 510 fully covered parking spaces
• spa
• grilling areas
• sand volleyball court
• fitness center
• clubhouse
• Wi-Fi

San Palmas at Mission Park was 93 percent leased at the time of negotiations. Ray Road and Arizona Loop 101 are both easily accessible from the property.

The HFF team representing Continental Realty Advisors included Senior Director Brad Miner, Managing Director Josh Simon and Senior Managing Director Brian Carlton.

Image courtesy of Yardi Matrix