Tucson BTR Developer Inks $41.1M Refi

Calmwater Capital has provided Moderne Communities with a $41.1 million loan to refinance a 224-unit build-to-rent community in Vail, AZ.

The two-year senior loan is secured by Moderne at Rocking K, located in the master-planned community of Rocking K, 22 miles southeast of Downtown Tucson. Delivered in two stages between November 2023 and September 2024, the 17.1-acre community features 224 single-story, single-family rentable homes offering a mix of one-, two- and three-bedroom floorplans. Each home features open-concept living areas, a private yard, and nine-foot ceilings. Community amenities include a beach entry pool and spa, pickleball courts, a barbecue and firepit area, and a fitness center.

Calmwater’s Larry Grantham added, “Moderne saw tremendous lease-up velocity after the first phase was delivered. Now that all units are online the property aims to achieve stabilized occupancy levels next year.” The financing was arranged by Way Capital.