Property Type Multi-Family
Financing Type Permanent
Date June 25, 2020
The Missions at Sentinel Peak Apartments features 404-units consisting of studios, 1, 2, and 3-bedroom units. The Woods Apartments features 360-units consisting of 1 and 2-bedroom units.
Gantry, the largest independent commercial mortgage banking firm in the U.S., has arranged $27,000,000 in financing for The Missions at Sentinel Peak Apartments and The Woods Apartments in Tucson, AZ. Adam Parker, Principal, and Chad Metzger, Senior Associate, of Gantry’s Phoenix office, arranged both loans for the borrower, a repeat client of Gantry, through an agency lender.
The Missions at Sentinel Peak Apartments, located at 2410 South Mission Road, features 404-units consisting of studios, 1, 2, and 3-bedroom units. Since 2018, the property has been extensively renovated by the owner, with approximately 80% of the units being upgraded at the time of closing. The $12M loan was structured as a 10-year fixed loan, which allowed the owner to officially operate the two adjacent properties, Mission Sierra 1 and 2, and rebrand as one property. Previously, for reporting purposes, the properties had to be operated separately as they were acquired at different times with different loans and lenders. Parker noted, “With this recent refinance, it allowed the owner to combine the operations, which allowed the property to run more efficiently.”
The Woods Apartments, located at 1970 West Valencia Road, features 360-units consisting of 1 and 2-bedroom units. Located in the southwestern part of Tucson, the property is positioned in a submarket that hasn’t seen any new construction in more than 5 years resulting in a low vacancy rate and increasing rental rates. The $15M loan was structured as a 15-year fixed loan at sub-3% rate.