Thursday, October 25, 2012

Retreat at the Raven Apartments Purchased by The Hudye Group for $22.565M

VIZZDA – October 25, 2012 –  a 192 unit apartment complex at 3606 E Baseline Rd in Phoenix was sold by Shahram Afshani of Los Angeles to The Hudye Group, represented by Bendict Hudye (CEO), for $22.565M with $6.1M down and $15,821,480 debt.  The debt is an all inclusive deed of trust which rolls Afshani’s outstanding debt of $13,356,480 with Union Bank of California as a senior note and an additional $2,465,000 seller-carry debt into one debt structure with a schedule of payments maturing 11/1/18 with a final lump payment of $11,642,599.

The Retreat at the Raven is a 2 and 3 story apartment complex in 23 buildings built in 2002 on 11.29 AC zoned R-3A.  The units are individually metered for electricity and multi-metered for gas. The unit mix and other details may be found in the broker flyer here.

Afshani acquired the apartments on August 30, 2004 for $17.35M or $90,364 per door with $2,368,187 down and the assumption of a HUD loan. The HUD loan was originated March 9, 2001 with an original balance of $14,614,800 a rate of 7.45% and a maturity date of September 1, 2042. Afshani took a loan of $14.25M with Union Bank of California on October 31, 2008 and paid off the HUD loan.

Edward Moore
Director of Research, Vizzda

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