Knighthead Funding Arranges $11 Million Refinance Loan For Multifamily Property In Tempe Arizona
1224 East Lemon Street
$11,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Feb 5, 2026
AI
The Heights on Lemon is a multifamily property located at 1224 East Lemon Street in Tempe, AZ, with a total of 65 apartment units. The asset was involved in a refinancing arrangement amounting to $11 million, reflecting its financial position following its previous acquisition in 2021.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $11,000,000
- Loan Type: Refinance
- Loan Date: 02/05/2026
- Lender: Knighthead Funding
- Market: Tempe, AZ
- Brokers: Noah Schulman & Reuben Hedaya - Pivot Real Estate Advisors
Knighthead Funding has facilitated the refinancing loan, providing financial flexibility for the property owner. The transaction was brokered by Noah Schulman and Reuben Hedaya, representing Pivot Real Estate Advisors, who played a key role in this financial arrangement.
Players
Tempe MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93