Truist Financial Corporation today announced that SunTrust now Truist, Commercial Real Estate, originated a $52 million balance sheet loan for Tides at South Tempe, a 442-unit multifamily property in Tempe, Arizona.
The project is a joint venture between Tides Equities and FCP®. The joint venture is served by a complementary team from Truist, including: Jonathan White, head of Truist Real Estate Capital’s Agency Bridge program, Scott Cook, Vice President for Truist National Real Estate, and Evan Hom, managing director of Grandbridge Real Estate Capital.
The loan will allow Tides Equities and FCP to continue to execute a value-add business plan for the property. Once complete and stabilized, the project will be refinanced by an Agency loan from Grandbridge Real Estate Capital, a division of BB&T now Truist.
“We are pleased to provide a creative solution encompassing balance sheet capital and agency financing for this joint venture,” commented Scott Cook. “Upon completion, Tides at South Tempe will feature state of the art amenities and will be a great addition to the community.”
“FCP values its longstanding relationship with SunTrust now Truist, and is excited to initiate our first investment in the Phoenix area with them,” said FCP Vice President Bart Hurlbut. “They have consistently provided us with top notch lending services and did a great job on the loan execution for Tides at South Tempe.”
Ryan Andrade, Co-Founder and Principal of Tides Equities, stated “Tides at South Tempe provides an excellent opportunity for partnership between Tides Equities and FCP, acquiring immediate scale in a strong submarket with a proven value-add strategy. The asset has received extensive exterior and deferred maintenance improvements over the past 18 months, and is now primed to capture significant upside via the continuation of the interior unit renovation plan and the strong fundamentals of the market and submarket.”
Tides at South Tempe is located at 4130 South Mill Avenue, Phoenix, Arizona 85282. The property is a 442-unit, garden style apartment community situated on 20.58 acres of land. Community amenities include: covered parking, guest parking, on call maintenance, preinstalled WiFi, soothing spa, assigned parking, cable available, disability access, laundry facilities, picnic area with BBQ, swimming pool, and fitness center.
SunTrust now Truist, has built a full suite of commercial real estate banking capabilities – from capital raising to loan servicing, from private operator to REIT, from community capital to seniors housing – to provide specialized industry and market expertise. Our clients need a wide variety of capabilities, efficient decision-making, responsiveness and specialized expertise to deliver the best solutions to keep their projects moving forward and on track to deliver targeted returns. We have a dedicated focus on the industry, and an ability to bring you financial advice from across the Bank.
Formerly a subsidiary of Branch Banking and Trust Company (BB&T), Grandbridge originates commercial mortgages for placement with a broad variety of capital sources including FHA, Fannie Mae, Freddie Mac, HUD, and insurance companies and banks.
Truist Financial Corporation is a purpose-driven financial services company committed to inspire and build better lives and communities. With 275 years of combined BB&T and SunTrust history, Truist serves approximately 12 million households with leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $506 billion as of March 31, 2020. Truist Bank, Member FDIC. Learn more at Truist.com.
FCP® is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
Tides Equities is a leading real estate investment company focused on multifamily investments in the Western United States. Tides Equities has purchased 28 properties for more than $800 million in assets in the past two years, making Tides Equities one of the largest buyers and owners of multifamily real estate in the Phoenix metro. Tides Equities specializes in well-located, Class-B and Core Plus multifamily real estate with high value-add upside.
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