PGIM Real Estate provides $50M loan for Mesa, Arizona apartment community
Oct 25, 2021
7 mins
PGIM Real Estate has provided a $49.93 million acquisition loan facility on behalf of its U.S. core-plus strategy to Western Wealth Capital for the acquisition and renovation of Delano Apartments, a 265-unit single-story garden-style apartment community located in Mesa, Arizona. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
Western Wealth Capital will manage the property and complete renovations. A portion of the loan proceeds will be available to fund renovation capex work. The acquisition is Western Wealth Capital’s 108th multifamily real estate acquisition and 73rd multifamily acquisition in the Phoenix market.
“Western Wealth Capital has a strong reputation and deep experience in the greater Phoenix multifamily housing market,” said Trent Brown, executive director at PGIM Real Estate who led the origination of the loan on the firm’s behalf. “We were able to provide them with a loan facility on attractive terms to help them acquire the property and complete renovations aimed at improvements that will benefit tenants and add value to their investment.”
Delano Apartments was built in 1980 and consists of one and two-bedroom floorplans. Conveniently located a short distance from various retail amenities, the property features a state-of-the-art business center, fitness center, resort-style swimming pool and lounge, and private dog park.
Western Wealth Capital, headquartered in Vancouver, British Columbia, Canada, is the second-largest multifamily landlord in the Greater Phoenix area. The firm is responsible for more than $3 billion in real estate transactions and operates more than 100 multi-family properties.
The financing was arranged by Anthony Valenzuela from CBRE Capital Markets in Phoenix.
Meet the team
Trent Brown Trent Brown
Executive Director, Financing
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