Walton Street Capital, LLC Subsidiary Provides $ 71.6 Million Senior Loan to Knightvest Capital to Acquire Portrait in Hance Park, a 340-Home Multi-Family Community in Phoenix | National company
CHICAGO – (BUSINESS WIRE) – May 24, 2021 –
A subsidiary of Walton Street Capital, LLC (“Walton Street”) announced that it had provided a $ 71.6 million loan to Knightvest Capital to acquire Portrait at Hance Park, a Class A multi-family community of 340 units located at 1313 N. 2nd Street in downtown Phoenix, AZ.
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Portrait in Hance Park, a 340-unit multi-family community in Phoenix. (Photo: Business Wire)
Built in 2019, the mid-rise building comprises 340 units with an average area of 863 square feet and is currently 91.5% occupied and 95% leased. It includes high-end interior finishes and luxury community amenities. The interiors of the units include 9 ‘and 10’ ceilings, quartz countertops and vanity tops, designer backsplashes, brushed nickel light fixtures, integrated washer / dryer, tile floors in the kitchen and bathrooms. stainless steel bathrooms and appliances. Community amenities include two resort-style swimming pools with private hot tubs / fireplaces / sitting areas, a second-floor outdoor deck / game room, an aquatic lounge with a gourmet showcase kitchen, a state-of-the-art TKO fitness center, a business center, a lounge for residents and a landscaped courtyard with outdoor grills.
“It was an exciting opportunity to finance the acquisition of a high quality, newly built multi-family asset in a growing market for a respected and experienced sponsor. We are delighted to extend our relationship with the Knightvest team, ”said Scott Durco, Principal at Walton Street.
“This loan illustrates our core strategy of providing loans to experienced sponsors on multi-family assets in markets showing strong employment and population growth. The asset has experienced a strong and consistent lease since delivery and was almost stabilized at close, ”added Luke Goodwin, senior manager at Walton Street.
In 2021, Walton Street subsidiaries have closed or are in the process of closing loans for multi-family projects totaling around 2,900 units in several high-growth markets.
About Walton Street Capital, LLC: Walton Street is a private equity real estate fund manager which, since its inception in 1994 through its subsidiaries, has raised over $ 13 billion in capital commitments from a wide range of institutional investors sophisticated. Senior management at Walton Street has collectively acquired, financed, managed and sold over $ 50 billion in real estate and have an average of 21 years of experience in the real estate industry. Senior management has collectively invested and managed both equity and real estate debt through multiple real estate cycles over separate five decades and over 40 years, forging long-term and deep relationships with lenders, public real estate owners and private, operators, brokers and managers. and industry service providers. Through this diverse network, Walton Street has secured more than $ 10 billion in loan opportunities for its affiliates since its inception.
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CONTACT: Walton Street Capital, LLC
KEYWORD: ILLINOIS ARIZONA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER BUILDINGS AND PROPERTIES RESIDENTIAL AND REAL ESTATE BUILDING COMMERCIAL AND REAL ESTATE BUILDING CONSTRUCTION AND REAL ESTATE
SOURCE: Walton Street Capital, LLC
Copyright Business Wire 2021.
PUB: 05/24/2021 6:19 p.m. / DISC: 05/24/2021 6:19 p.m.
Copyright Business Wire 2021.