JLL Capital Markets secured the refinancing of the 127-unit The Valencia Apartments in Phoenix, Arizona
News release
07 December 2023
$10.68M refinance arranged for Phoenix multi-housing community
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PHOENIX, Dec. 7, 2023 – JLL Capital Markets announced today that it has arranged a $10.68 million loan for the refinance of The Valencia Apartments, a 127-unit, two-story, garden-style multi-housing community located in Phoenix, Arizona.
JLL worked on behalf of the borrower, CALCAP Advisors, to secure the fixed-rate, five-year Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Originally built in 1983, The Valencia Apartments recently underwent value-add renovations, enhancing unit fixtures, hardware, exteriors and common areas. Units feature breakfast bars, patios, full-size washer and dryer connections, walk-in closets and upgraded vinyl wood flooring, and community amenities include two pools, a sundeck and covered parking.
Situated at 3450 West Missouri Ave., the property is located two miles West of Interstate 17 and is within walking distance of Grand Canyon University (GCU). Additionally, Bethany Square Shopping Center, Bethany Towne Center and Palm Glen Shopping Center are all within a five-minute drive.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Brad Miner, Associate Elle Miraglia and Analyst Frank Choumas.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CALCAP Advisors
CALCAP Advisors is a real estate investment company founded in 2008 and headquartered in Pasadena, California. They sponsor alternative real estate investment opportunities for individual and institutional investors with a focus on delivering superior risk-adjusted returns. CALCAP’s portfolio spans 8 markets in the southern United States comprised of approximately2,000 units.