Redondo Tower (Multifamily) – Bridge

Tucson, AZ

$23,600,000

Funding Purpose

Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place bridge debt for the acquisition and renovation of a multifamily property.

Property Description

The asset is a 96 unit multifamily building in Tucson, AZ consisting of 90,152 square feet. It was built in 1961 and has a pool, parking, and other amenities.

Sponsors

A local investment firm with significant knowledge and experience in the Phoenix and Tucson markets. They recognize this flagship project will be a cornerstone of the Downtown Tucson multifamily market.

Challenges

  • Asset vintage and heavy renovation budget required expertise to source the correct solution.

Solutions

  • Tauro was able to leverage market interest to secure the most competitive terms available. Focusing on the one of a kind location, sponsors track record, and market experience within the hyper growth Tucson market.

Funding

  • Loan Amount: $23,600,000
  • Interest Rate: 1 Month LIBOR + 400 BP
  • Term: 3 years
  • Recourse: Non-recourse
  • Interest Only: 36 months
  • Prepayment: Allowed

Director  | Capital Advisor

310-654-0683

pdavidovac@taurocapitaladvisors.com

Director  | Capital Advisor

858-337-7345

mmueller@taurocapitaladvisors.com