MC Cos. has secured a $59.7 million refinancing backing its 432-unit community in Mesa, Ariz. The project, The Place at Prado, is almost fully occupied.
Walker & Dunlop’s Alex Inman, Jon Hyduke, Rene Jaubert, Harrison Hoskins, and Hannah Coen arranged the loan for the project. Debt was provided by Freddie Mac. The refinancing replaced an existing floating rate agency loan to a fixed rate loan, according to Walker & Dunlop. Ross McCallister, principal of MC Cos., said in prepared remarks that the refinancing provided the company with a considerable amount of cash flow.
The garden-style community offers one-, two- and three-bedroom units, ranging from 680 to 1,444 square feet. The units were built with nine-foot ceilings, oversized closets, and washer and dryer units, as well as balconies or patios. Select units were also built with fireplaces and private storage. The community was built in 1979 and offers a clubhouse, pet park and two pools, as well as barbecue areas and Amazon Hub lockers. According to Walker & Dunlop, the community is more than 90 percent occupied.
Located at 1050 S Longmore, The Place at El Prado is within walking distance to Mesa Community College and Banner Desert Medical Center. The community is near several retail and restaurant options, but residents are also less than 10 minutes away from downtown Mesa.
On target for 2029
While The Place at El Prado represents the only community in Mesa for MC Cos., the company’s portfolio includes more properties in the surrounding Phoenix metro. MC Cos.’ portfolio also includes The Place at Sonoran Trails and The Place at Wickertree, both of which are located in Phoenix, and has a total of 19 communities throughout the state of Arizona. The company was founded in 2001 and is looking to establish a portfolio of more than 25,000 units under ownership or management by 2029.
MC Cos. is building towards that goal with its recent investments in Texas. The company acquired a 238-unit community in the Dallas suburb of Carrollton in June 2022. MC Cos. is currently in the process of renovating the community and plans to complete the capital improvement plan in 2024. Outside the Dallas metro, MC Cos. also invested in the Houston metro, acquiring two adjacent garden-style communities in Katy, Texas, totalling 648 units.
