March 31, 2017
HSL Properties Inc. secured a $21.5 million Fannie Mae loan to refinance the 323-unit Desert Sands Apartments in Casa Grande, AZ. The 10-year loan, arranged by Hunt Mortgage Group, has a 30-year amortization, with yield maintenance applying during the first 9.5 years.
The asset at 720 W. O’Neil Dr. delivered in 2008, and consists of 31 one and two-story buildings, and a leasing office/club house. Amenities include a fitness center, two swimming pools and heated spas, a basketball court, children’s playground and covered parking. HSL Properties acquired the property in 2010, during the economic downturn, “and have done a tremendous job improving operations over the last six years,” said Hunt Mortgage Group’s Vic Clark. Hunt Mortgage’s Colin Cross led the team to secure the financing.
Casa Grande is approximately 45 miles south of the Phoenix central business district, and 70 miles northwest of Tucson.
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