Paragon Seals Arizona Multifamily Acquisition With $20M Greystone Loan

Paragon Outcomes Management and Westmount Realty Capital have closed on their purchase of Urban Trails at the District, a 156-unit garden-style multifamily property in Mesa, Ariz., Commercial Observer has learned.

The acquisition price wasn’t disclosed, but Greystone provided a $19.6 million Fannie Mae DUS loan in the deal. Greystone managing director Richard Kourbage originated the debt while Jay Spearman of Hunter Spearman arranged the financing.

“We greatly value our continued relationship with Westmount Realty as they continue to grow across the Sunbelt,” Kourbage told CO.

“We are excited to announce our second multifamily acquisition in the Phoenix MSA, which has strong underlying fundamentals with considerable population and job growth,” Frank Tripoli, Managing Partner and Chief Investment Officer, said.  “We are happy to partner again with Westmount Realty Capital on this acquisition – Westmount is an experienced, institutional operating partner.”

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