Wells Fargo has provided a $52 million loan to Simpson Housing for the purchase of the Citrin, a 312-unit apartment building in Phoenix, Arizona. Simpson Housing paid JLB Partners, the original developer of the property, $94 million for the property, which puts the loan-to-value at about 55 percent.
Denver, Colorado-based Simpson took over leasing at the property prior to closing, in April, according to a report from the local publication Business Real Estate Weekly of Arizona, which noted that the price per unit on the sale (about $600,255) set a record for the Phoenix metropolitan area.
Wells Fargo was the top originator of commercial/multifamily mortgages in 2015, increasing volume by nearly one-third over the previous year to reach $66.7 billion, according to the Mortgage Bankers Association’s annual originations rankings.
Wells Fargo was involved in another deal said to be the largest in Phoenix, Arizona last summer, teaming up with Invesco Real Estate (IRE) to finance the acquisition of The Biltmore Financial Center in Phoenix, Arizona — that one hailed as the city’s largest multi-tenant office deal since 2007.
The bank originated $50.3 billion in 2014 and has been the top US originator since 2009 — after sharing the accolade in a draw with Bank of America in 2008.