Meridian Capital Group

Arbor Supplies $30M Acquisition Loan on Arizona Apartments Purchase

July 26, 2022

Vertical Street Ventures has nabbed $30 million of acquisition financing to purchase a multifamily property in Tucson, Ariz., Commercial Observer can first report. 

Arbor Realty Trust was the lender on the deal for the acquisition of the 232-unit apartment asset at 3985 North Stone Avenue, sources told CO. The interest-only loan features a spread of 4.05 percent and a 36-month term.

Meridian Capital Group’s Barry Lefkowitz and Scott Rosenstock arranged the transaction out of the firm’s Iselin, N.J., office.

“Even in the unpredictable and volatile market we are currently facing, our team was able to leverage Meridian’s relationships to successfully close this transaction with the same proceeds as the application, while simultaneously guiding our client through the closing process,” Rosenstock said in a statement. 

Located four miles from the University of Arizona campus, the two-story building sits on just under 7 acres. Community amenities include covered parking, nearby public transportation, a swimming pool, a barbecue and picnic area, a laundry facility, gated access and two dog parks.

“This transaction was a true testament of miraculous group effort, with a great client, broker and underwriter working together to achieve a mutual goal,” Lefkowitz said in a statement. 

Featuring:
Read Article
Recent Articles | Back to News

New Orleans Construction Financing

Article
July 26, 2022

Empire Capital, partners close on $320M deal for 1330 Sixth Ave

Article
July 26, 2022

Empire Capital Scores $215M Loan for 1330 Avenue of the Americas Purchase

Article
July 26, 2022

The Nation’s Top Financiers Say ‘Hang on to Your Hats’ at CO’s Fall Finance Forum

Article
July 26, 2022

Why CRE's Capital Markets Freeze Is 'Upside-Down' From The Great Financial Crisis

Article
July 26, 2022

Slate Property Group and PCCP Buy Mixed-Use Building in Midtown for $38M

Article
July 26, 2022