Grand 1 office building is fully Occupied.
Trovita Rio LLC, a limited liability company linked to a Chandler, Ariz., investor, has bought the 209-unit Novel Rio apartment complex in Tempe, Ariz., for $66.3 million or about $317,225/unit. NXT Capital provided $49.9 million of acquisition financing.
The property, which has been rebranded as Riverside Apartments, backs a $15.02 million loan that's securitized through FREMF, 2018-KF44. The floating-rate loan, with a coupon of 4.67 percent, pays only interest until December. It is locked out from prepayment until ...
97.6 percent occupied. The property, previously known as Little Cottonwoods, serves as collateral for a $39.4 million Freddie Mac loan that's securitized through FREMF, 2016-KF21. The floating-rate loan has a coupon of 5 percent and pays only interest until 2021.