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.
