Gantry Financing New Tucson Condo-Rental Community
Gantry secured a $11.9 million construction loan for development of 46 luxury, for-lease townhomes located at 1855 W. River Road in Tucson, Ariz. The project features two- and three-bedroom, two-story units, each with its own attached, private two-car garage. Community amenities will include a swimming pool with cabanas, barbecue areas, and fitness center. This is the sponsor’s second such development in Tucson.
Gantry’s represented the borrower, an Arizona-based developer. The loan was provided by an institutional debt fund specializing in new construction lending, including a fixed rate below 10% and interest only terms for the three-year loan.
Gantry’s Tim Storey added, “Rate volatility and fluctuating construction costs delayed the final underwriting for this project. Even though banks are stepping back from construction lending in the current cycle, Gantry still works with hundreds of other capital sources to tailor optimized financing programs for our clients in spite of real market challenges.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.