November 18, 2020
Thayer Manca Residential (TMR) secured a $26,075,000, Freddie Mac refinance loan for the Circ Apartments in Albuquerque. The 10-year, 2.85% fixed-rate loan includes full-term, interest-only debt service.
Circ Apartments, previously Ventana Canyon, underwent a more than $4.1-million renovation project. Renovations included a reimagined clubhouse, expanded pool deck and outdoor amenities, upgraded 24-hour fitness facility, amplified landscaping, interior unit renovations, exterior paint and property rebranding.
TMR’s Joe Manca says, “The New Mexico market continues to show great economic strength. We are excited to continuing providing inspired workforce housing for this dynamic community.”
The Seattle-based company acquired the 264-unit Circ multifamily property in November 2018 and currently holds three assets in the Albuquerque market. Other communities include the 200-unit Ottavo Apartments, acquired in 2018, and the 280-unit Mirabella Heights, purchased in 2019.
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