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Alliant Credit Union closes on loan for acquiring Arcadia building
Posted
Independent Newsmedia
Alliant Credit Union announced the closing of a $12.6 million loan for the acquisition of Novella at Arcadia, a multi-family building in Phoenix.
The seven-year non-recourse loan has a three-year interest-only period followed by a 30-year amortization. With a total of 36 units, the property includes seven two-story and three-story residential buildings, according to a press release.
“Phoenix is one of the fastest growing metropolitan areas with net migration of a deep, talented workforce pool,” Peter Margolin, commercial loan originator at Alliant, said in a prepared statement.
“With population, employment, median household income and multifamily occupancy growth, the Phoenix metro and submarket metrics support a property like Arcadia.”
Originally the transaction was structured as a lower loan amount across 31 of the 36 units with an earn-out for the borrower to acquire the remaining five units.
During the underwriting of the transaction, the borrower negotiated to acquire the remaining five units and requested the full loan at closing, thereby fast-forwarding the earn-out.
ACU’s structure flexibility allowed for this pivot and created the solution at closing by which a full loan was closed, versus having to earn out the additional proceeds over time, a release states. The loan was referred to Alliant by Greg Miskovsky of Marcus & Millichap.
The deal represents Alliant’s fourth loan closed in Arizona in the past two years. The credit union also provided a $14.5 million loan for an industrial property in Chandler and recently financed two additional deals totaling $17 million.
