$22m loan for buy-and-convert plan.Mentor Properties, a Toronto, Ontario based development firm formed by Calum DeSouza and Frank DeSouza, has acquired the 184-unit Camelback cam·el·back adj. Shaped like a hump or an arching curve. n. New Orleans A narrow house with one story in front and two in the rear. See Regional Note at beignet. Terraces Apartments located in Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. . The Class B property, located at 3825 East Camelback Rd and built in 1981, was acquired for $20,240,000 ($110,000 per unit). The project is ideally located on the Camelback Corridor between the Biltmore area to the west and Arcadia to the east. Fremont Investment & Loan provided a $22,600,000 loan for the acquisition of the property and conversion to condominiums, announced David Sotolov, vice president, senior loan originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting in Fremont's Phoenix office. In Symphony Private Capital, based in Phoenix, provided equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for the transaction. Both the debt and equity were arranged by Scott McPherson and Eric Inabinet of Cabinet Advisory Group of Phoenix. The property acquisition and loan closed on November 29, 2005. |
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