Berkadia Completes Sale and Secures Nearly $22.16 Million in Financing for Multifamily Property in Arizona

June 12, 2019

Berkadia Completes Sale and Secures Nearly $22.16 Million in Financing for Multifamily Property in Arizona

June 12, 2019
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PHOENIX and IRVINE, Calif. – June 13, 2019 – Berkadia today announced the sale of La Costa at Dobson Ranch, a 194-unit garden-style multifamily property in Mesa, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office secured the sale on behalf of the seller. The buyer was a private investor based in Southern California, and the deal closed on May 30.

Managing Director Jackson Cloak of Berkadia’s Irvine, California office also secured nearly $22.16 million in financing for the property on behalf of the buyer. The seven-year fixed-rate Freddie Mac loan features a 65 percent loan-to-value ratio.

“La Costa at Dobson Ranch, which has been largely renovated during the past three years, enjoys a strong master planned community setting in Mesa and presents an opportunity for the buyer who we helped secure new Agency debt,” said Forrester.

Built in 1979 and located at 1820 W. Lindner Ave., La Costa at Dobson Ranch features two-bedroom floor plans with washers and dryers, wood-style flooring and carpeting, fully equipped gourmet kitchens and ceiling fans. Residents can also enjoy community amenities such as an outdoor lounge, a seasonal heated pool and spa, a 24-hour fitness center and a coffee bar. The property also offers convenient access to Dobson Ranch Golf Course, Fiesta Mall, Mesa Community College and Banner Desert Medical Center.