The underlying on Maricopa County Industrial Development Authority, Ariz.'s bonds, issued for Mesa Ridge Apartments in Mesa, Ariz. and Metro Gardens Apartments in Phoenix, Ariz., reflects: A first mortgage lien on two well-maintained family apartment complexes with affordable and competitive rents; Phoenix and Mesa economies with solid growth indicators; Strong projected cash flows, reflecting coverage of senior debt at 1.5 times (x) and partially offset by 1.2x coverage of subordinate bonds and a high overall loan-to-value (LTV) ratio of 112%; Good project ownership by Metro/Mesa LLC and oversight by Community Services of Arizona Inc. (CSA); Management by Cypress Realty Network (CRN) and Bernard/Finney Management Services (BFMS) Inc.; and Fully funded reserves. Metro/Mesa's sole and managing member is CSA, an Arizona
