Onyx Apartments, formerly known as Casablanca Paso, is a 21-unit multifamily property located in Phoenix, Arizona. The property was originally completed in 1985 and consists of block and stucco construction. The borrower acquired the asset in September 2017 for $1,130,000 and has performed a number of capital improvements including a complete exterior rebrand with new paint, signage, and landscaping, along with new appliances and other upgrades in select units.

The borrower is an experienced private investor based in California who owns and operates a portfolio of approximately 5,000 apartment units throughout the southwestern US. They leverage economies of scale to keep operating costs low by spreading staff across various properties they own in the area. Since acquisition, the borrower has created significant value through the property renovations and installing better quality tenants who pay higher rents. During their ownership tenure they have increased Net Operating Income at the property by 300%.

The 75% LTV loan allowed the borrower to pay off their existing acquisition bridge loan, cover financing costs, recoup money spent of capital improvements, and pull some extra cash out for additional investment opportunities.