San Giovanni in Phoenix has 300 apartments in a mix of one-, two-, and three-bedroom layouts.
PHOENIX – Tower Capital has arranged $ 40 million acquisition financing for San Giovanni, a residential complex in Phoenix. The non-recourse loan offers the unnamed borrower a fixed interest rate of 3 percent based on a 30-year repayment plan and a flexible step-down prepayment structure.
The property from 2001 comprises 300 apartments and is subject to a land use restriction agreement (LURA), which stipulates that 70 percent of the units must remain affordable until 2033.
Located at 6901 W. McDowell Road, San Giovanni has 50 one-bedroom, 150 two-bedroom, and 103 three-bedroom units, two swimming pools, an exercise facility, business center, clubhouse with rental office, and outdoor BBQ areas assigned to a covered roof Parking, controlled access and a children’s playground.
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