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| Ross McCallister |
SCOTTSDALE, AZ – Full-service
multifamily investment, management and development firm MC Companies has secured more than $72.7 million through the refinance of
four Class A and B multifamily properties in Arizona and Oklahoma.
The capital will be used for investor distributions and to
reinvest in the refinanced assets through updates and renovations that “Share
the Good Life” with MC Companies residents.
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| Ken McElroy |
Collectively, the refinanced properties represent 954
multifamily units within the MC Companies portfolio of more than 6,500 units
(or $920 million AUM).
Loan durations range from 6 to 10 years and a mix of
Freddie Mac, Fannie Mae and bank-financed mortgages that significantly reduced
cost of capital and improved terms.
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| Clay Akiwenzie |
“This year marks MC Companies’ 20th anniversary,
and these loans reflect that tenure – underscoring the trust and relationships
we’ve built during our two decades in the multifamily industry,” said MC
Companies Co-Principal Ross McCallister.
“We will utilize this capital to achieve business plan
milestones and to continue reinvest in these multifamily assets, which are part
of over 6,500 units that we not only own but also 100 percent manage at a level
of quality that gives everyone at MC Companies great pride.”
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| Kevin Prouty |
Properties refinanced within the MC Companies portfolio
include three communities in Tucson, Arizona: The Place at 2120, refinanced for
$4.53 million with Clay Akiwenzie of Berkadia Commercial Mortgage; The
Place at Presidio Trails, refinanced for $28.87 million with Kevin Prouty
at CBRE; and The Place at Spanish Trail, refinanced for $20.10 million, also
with Berkadia’s Akiwenzie.
It also includes the refinance of one property in Broken
Arrow, Oklahoma: The Place at Quail Hollow, refinanced for $19.20 million with Alex
Inman of Walker & Dunlop.
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| Alex Inman |
The refinances coincide with MC Companies’ 20th anniversary
and recently launched Operation 25K – an initiative to grow the firm from 6,500
units to 25,000 units under ownership by 2029.
This will require MC Companies to successfully purchase
1,000 units in 2021 and more than 2,500 units annually thereafter.
It will also involve new construction, including over 1,100
units in the MC Companies development pipeline.
Acquisitions and development will take place in traditional
MC Companies markets like Arizona, Texas and Oklahoma, and also expand the
company into new U.S. multifamily growth markets.
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| The Place at Presidio Trails, |
The growth is expected to double the MC Companies team from
approximately 200 current employees to more than 400 employees over the next
two to three years. The company is in talks to secure a joint venture partner
for its growth plan.
 |
MC Companies' refinanced properties
in Arizona and Oklahoma |
MC Companies founders Ken McElroy and Ross McCallister
have been leaders in the multifamily investment industry for over 30 years. The company continues to actively pursue new land for development and existing
properties for value-add investment.
Tulsa, operating under a
mission of “Sharing the Good Life” with investors, residents and MC Companies
employees.
Contact:
Stacey Hershauer
stacey@focusaz.com
480.600.0195
www.mccompanies.com
