Cactus28 is comprised of seven adjacent, two-story, fourplexes located in central Phoenix. All of the units are two-bed / one-bath units. The new ownership plans to renovate the exterior and interior of the project in order to increase NOI and add value.

The 10-year, non-recourse bank loan provides a low rate of 3.5% which is fixed for years one through five of the initial loan term, and then the rate floats, or can be reset, for the next five years of the total ten year loan. A stepdown prepay allows for flexibility, should the borrower wish to sell the asset after completing the remodel.