Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $19.1 million preferred equity investment for the refinancing of Tides on Country Club, a 582-unit garden-style apartment community in Mesa, Arizona. Tides Equities, LLC is the owner of the asset.
“Electra’s preferred equity solutions allowed the sponsor to stabilize an asset in a high-growth metro area at more favorable terms,” said Samuel J. Greenblatt, CEO of Electra Capital. “As Arizona’s economic outlook improves, multifamily assets will remain as one of the most popular product types for investors to retain in their portfolios.”
“Tides is thrilled to have partnered with the Electra team on this 582-unit transaction in Mesa, AZ,” added Sean Kia, Co-Founder and Principal of Tides Equities, LLC. “The submarket is projected to see tremendous rent growth over the next 5 years, and this almost completely classic asset is primed for a Tides premium scope renovation. The Electra team was able to move quickly in providing preferred equity to close the transaction in a shortened 45-day window, and we are very much looking forward to continuing to grow the relationship.”
Built in 1987, Tides on Country Club is located at 901 S. Country Club Drive. Studios, one- and two-bedroom units include designer appliances, designer countertops, and walk-in closets. This pet friendly community includes a fitness center, two swimming pools, a business center, playground and gazebos with picnic tables.
Situated on one of Mesa’s main thoroughfares, Tides on Country Club is less than 10 minutes away from Superstition Freeway, providing direct access to Phoenix and the greater metro area. Retail options including Mesa Grand Shopping Center and Shoppes at Gilbert Commons are less than 10 minutes away. Educational institutions are also nearby, with Mesa Community College and East Valley Institute of Technology each under 10 minutes away.