PHOENIX — JLL Capital Markets has arranged a $10.7 million loan to refinance of The Valencia Apartments, a garden-style community in Phoenix. The borrower was CALCAP Advisors. Built in 1983, The Valencia Apartments offers 127 units across two stories. The property was recently renovated with updates to unit fixtures, hardware, exteriors and common areas. Amenities include two pools, a sundeck and covered parking.
JLL worked on behalf of the borrower to secure the fixed-rate, five-year Fannie Mae loan. Brad Miner, Elle Miraglia and Frank Choumas led the JLL Capital Markets Debt Advisory team. JLL Real Estate Capital, a Fannie Mae DUS lender, will service the loan.