Luxury Multifamily Build
June 6, 2022
Developer Bringing 29 Luxury Townhome Residences to Tucson; Sustained Multifamily Housing Demand Fuels Funding Options for Experienced Developers in Locations with Solid Fundamentals
Tucson, Ariz. (June 8, 2022) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $7.7 million of construction financing for the development of a luxury, for-lease property that will feature 29 townhome residences in a fully amenitized community. The project will rise at 1100 W. River Road in Tucson, and feature 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.
Gantry’s Tim Storey, Principal, and Chad Metzger, Senior Associate, with the firm’s Phoenix production office secured the construction financing for the borrower, a national developer of multifamily housing and real estate projects. The loan comes from an institutional debt fund.
According to Gantry’s Tim Storey, “For multifamily developers, the sustained demand for housing throughout Arizona’s top metropolitan areas means a wealth of funding sources are prepared to lend on new development. Gantry works with more than 160 unique capital sources to pair our client’s projects to the best funding option meeting their investment goals. In this instance, the sponsor’s extensive experience and the development’s bespoke sophistication made an institutional debt fund the right fit to underwrite the construction financing for this luxury multifamily community.”