DENVER, CO – April 23, 2019 – HFF announces it has secured $21 million in financing for Serafina at South Mountain Apartments, a 183-unit, apartment community in Phoenix, Arizona.

HFF worked on behalf of Western Wealth Capital to secure the five-year, interest-only, floating-rate loan through a national bank.  The loan was used to acquire the property and includes a future-funding component to assist the borrower with their capital expenditure program.  This financing follows the closing of a series of six acquisition loans arranged on the borrower’s behalf in 2018.

Serafina at South Mountain Apartments is located at 11025 S. 51st Street just east of the South Mountain Park and Preserve.  The property is less than 15 miles from downtown Phoenix and provides connectivity around the Phoenix-Tempe-Scottsdale area via Interstate 10, which is immediately east of the property.  Serafina features one and two-bedroom homes with fully equipped kitchens, personal balconies or patios, air conditioning and ceiling fans.  Community amenities include a swimming pool, hot tub, grilling area, dog park, fitness center and billiards table.  Nestled in the Ahwatukee residential area, Serafina Apartments is 99 percent occupied.

The HFF team representing the borrower consisted of managing director Josh Simon, senior director Brad Miner and associate Tim Brousse.