$26m apartment deal.Mentor Properties, a Toronto, Ontario based development firm formed by Calum DeSouza and Frank DeSouza, has acquired the 195-unit Acappella 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 A- property, located at 3302 N 7th Street and built in 1999, was acquired for $26,350,000 ($135,128 per unit). Fremont Investment & Loan provided a $26,300,000 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 Capital Advisory Group of Phoenix. The property acquisition and loan closed on March 1, 2006. Mentor Properties has bought and sold over 3,000 residential units with a market value in excess of $300 million; this will be their fifth venture in the Phoenix metro. Fremont's Phoenix office has financed over 6,000 condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. units in the Southwest and Rocky Mountains Rocky Mountains, major mountain system of W North America and easternmost belt of the North American cordillera, extending more than 3,000 mi (4,800 km) from central N.Mex. to NW Alaska; Mt. Elbert (14,431 ft/4,399 m) in Colorado is the highest peak. in the past 24 months and the bank has provided approximately $5 billion nationwide in condo financing in that time period. |
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