Tucson Developer Secures Loan for 114-Unit Project
Aerie Development has secured $38.65 million in financing for the construction of Aerie Northwest, a 144-unit multifamily property located at the Southeast corner of North La Cholla Blvd. and North Fountains Avenue in Northwest Tucson. A CBRE team led by Bruce Francis 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,” said Mr. Francis.
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.
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. Aerie Development has completed nearly a dozen projects in Tucson.
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.