Parkview 5th Apartments
$1,700,000 Multifamily Loan from Life Insurance Company
On behalf of CDM Investments, Jason Roth, Vice President at PSRS, recently arranged $1.7M in acquisition financing for Parkview on 5th, a multifamily property. The fully occupied 17-unit multifamily asset is in Tempe, AZ and was recently renovated in 2018.
CDM Investments is an Orange County based real estate investment firm led by Michael Johnson Jr. This will be CDM’s first acquisition.
The non-recourse loan was provided by First Fidelity Bank’s National Lending Division.
“Whenever you can transact smoothly in this environment it’s a big win. First Fidelity Bank has been one of the more active multifamily lenders in this market and our firm has had a lot of recent success with them. Between the location of the asset, purchase price, and makeup of the rent roll, I am most happy for my friend Michael who made a great acquisition at a time when many investors were on the sidelines”, said Jason Roth.
“Working with Jason and his team at PSRS was a great experience. They performed under tight time constraints and delivered great results. I am excited to work with them on future acquisitions as CDM looks to expand its portfolio”, said Michael Johnson.