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June 17, 2024
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Tucson Res Development Lands $38.6 Mil in Construction Financing


Plans for Aerie Northwest, a 144-unit multifamily development in Northwest Tucson, are set to move forward after locking up $38.65 mil in construction money. The project is located at the Southeast corner of North La Cholla Blvd and North Fountains Ave.

The property will be built on 12.16 acres and will feature 17 two-story buildings with one-, two- and three-bedroom units, as well as a pool house. The community will have resort-style amenities, including a pool and spa and dog park.

Situated on the Northwest side of Tucson, the property is two miles from Interstate 10 and less than half a mile from River Road, one of the city's main east-west thoroughfares. The community is located minutes from restaurants and retail destinations.

Bruce Francis, Bob Ybarra, Shaun Moothart and Doug Birrell with CBRE Capital Markets, Incís Debt and Structured Finance team in Phoenix secured the 80% loan-to-cost (LTC), full-term interest-only construction financing on behalf of the developer.

"Being creative and arranging both conventional construction debt and preferred equity allowed for a combined 80% loan-to-construction cost, which is certainly unique in this market,Ē said Francis.

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