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November 15, 2019
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Newly Built Arizona Hotel Secures $40 Mil in Financing


Tucson Urban has obtained $40 mil in structured financing for the newly-built AC Marriott in Tucson, AZ. The loan was arranged by Walker & Dunlop Inc.

Completed in the fall of 2017, the eight-story, 136-key property marks the first hotel built in downtown Tucson since the early 1970s. Within its first year of operation, the hotel far exceeded proforma and occupancy expectations and has been a key contributor to the revitalization of Tucsonís central business district.

Walker & Dunlopís Jim Pierson, Keaton Merrell, Alison Williams and Matt Baldwin arranged the cash-out loan through a CMBS provider. The financing was structured with an attractive interest rate and three years of interest-only payments. The ten-year loan also effectively lowered the debt service payments and allowed Tucson Urban to pay off the existing construction debt.

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