$10.68M refinance arranged for Phoenix multi-housing community

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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