Fremont puts Prime numbers on the table.

The Prime Group, a Chicago based development firm controlled by Michael Reschke, has secured conversion financing for the 238-unit Augusta Ranch Apartments located in Mesa, Arizona.

The Class A property, located at 9335 East Baseline Road and built in 2001, was acquired for $24,850,000 ($104,412 per unit).

Fremont Investment & Loan provided a $26,700,000 loan to refinance existing debt and provide renovation funds for the conversion of the property to condominiums announced David Sotolov, vice president, senior loan originator in Fremont's Phoenix office. Capri Capital Advisors, based in Chicago, provided equity financing for the transaction.

The project consists of 17 two-story buildings on a 15.6 acre site located in the Augusta Ranch Master-planned Community in East Mesa. The project is also located 1/4 mile from the soon to be completed Loop 202 Freeway. Unit mix is (68) 1 Bed / 1 Bath units, (136) 2 Bed / 2 Bath units and (34) 3 Bed / 2 Bath units.

The property has a luxury amenity package including gated entries, 98 detached garages, two resort-style pools and spas, fitness center, conference room and media lounge, clubhouse and open space with barbeques throughout and a sand volleyball court. The buyers will spend roughly $2.1 million renovating the property, and individual units are expected to be offered for sale in the mid $100,000's to mid $200,000's.

Sotolov commented "This high-end condo project will offer affordable units in the highly desirable Augusta Ranch MPC, where single-family homes start in the $400,000's. The affordability, combined with the project's location adjacent to the new Loop 202 Extension, make this a very attractive property."