InTrust Property Group Secures $45.6 Million Loan From BrightSpire Capital For Coral Point Apartments

The property involved in this transaction is the Coral Point Apartments, a 377-unit multifamily asset situated on 15.9 acres at 2343 West Main Street, Mesa, AZ. The acquisition loan amounts to $45,600,000 and is intended to facilitate renovations that support a value-add plan, including unit upgrades and amenity enhancements.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $45,600,000
• Loan Type: Acquisition
• Loan Terms: three-year, floating-rate loan with full-term interest-only payments and two extension options
• Lender: BrightSpire Capital
• Landlord: InTrust Property Group
• Brokers: Shaun Moothart, Doug Birrell, Bruce Francis, Robert (Bob) Ybarra, Nick Santangelo, Anna Britt & Amber Coleman - CBRE

CBRE arranged the financing for InTrust Property Group’s acquisition and renovation of the property, providing crucial support for the planned enhancements aimed at increasing the property's value and appeal in the Mesa market.