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JLL Brokers Facilitate $120M Construction Loan For Multifamily In Phoenix, AZ

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FINANCED
$120,000,000
Elle Miraglia
Brad Miner
Michael Gigliotti

Arizona

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MultiFamily
Financed 06/21/2024
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Property Image
FINANCED

JLL Brokers Facilitate $120M Construction Loan For Multifamily In Phoenix, AZ

777 North Central Avenue

See Similar Deals
MultiFamily
Financed 06/21/2024
Elle Miraglia
Brad Miner
Michael Gigliotti
the dealplayerscompscontact
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Summary

ARIZONA
Asset Type:MultiFamily
Transaction Type:Loan

The property asset involved in the transaction is a Taco John’s-occupied restaurant property located at 4650 S. 5th St near Milwaukee International Airport. The sale, facilitated by Marcus & Millichap, amounted to $1.4 million with Carson Breshears and Hank Wolfer representing both the buyer and seller. Todd Lindblom oversaw the closing as the broker of record in Wisconsin.

Summary of transaction details:

  • Property Type: Restaurant
  • Transaction Amount: $1.4 million
  • Address: 4650 S. 5th St
  • Market: Milwaukee, WI
  • Brokers: Carson Breshears, Hank Wolfer, Todd Lindblom - Marcus & Millichap

The key individuals and companies behind the deal are Marcus & Millichap, Carson Breshears, Hank Wolfer, and Todd Lindblom. The transaction involved the representation of both the buyer and seller, showcasing a successful closing orchestrated by these professionals.

Players

Michael Gigliotti
JLL
Michael Gigliotti
19 deals$3.7B volume
BROKER
Brad Miner
JLL
Brad Miner
9 deals$413.4M volume
BROKER
Elle Miraglia
JLL
Elle Miraglia
5 deals$256M volume
BROKER

Details

FINANCED
IMAGE: 06/21/2024 ADDRESS: 777 North Central Avenue MARKET: Phoenix, AZ ASSET TYPE: Multifamily ~ UNITS: 401 LANDLORD: VeLa Development Partners & Ray BROKERS: Brad Miner, Elle Miraglia & Michael Gigliotti - JLL LOAN AMOUNT: $120,000,000 LOAN TYPE: Construction NOTE: Marcus & Millichap facilitated the $1.4 million sale of a Taco John’s-occupied restaurant property near Milwaukee International Airport at 4650 S. 5th St. The transaction involved Carson Breshears and Hank Wolfer representing both the buyer and seller, with Todd Lindblom overseeing the closing as the broker of record in Wisconsin.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$120,000,000.00

Monthly NOI$800,000.00
Monthly Debt Service$758,481.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00