PHOENIX, AZ – JLL Capital Markets announced today that it has arranged the $25.35 million financing of Canyon Heights, a 196-unit, garden-style multi-housing community in Tucson, Arizona.
JLL worked on behalf of the borrower, Rincon Partners and LEM Capital, to secure the five-year, fixed-rate loan through an insurance company.
Built in 1982, Canyon Heights consists of 15 two-story buildings with an average unit size of 653 square feet. The one and two-bedroom units feature full kitchens, an electric oven and stove, laminate countertops, vinyl flooring and spacious closets. Community amenities include covered and surface parking, gas barbecue grills, 24-hour laundry facility, a pool and spa, a dog park, clubhouse with kitchen and a 24-hour fitness center.
Located at 550 N. Pantano Rd., the property is situated between Broadway and Speedway Boulevard in the Northeast submarket of Tucson. Canyon Heights benefits from nearby employment, entertainment and retail destinations along the Broadway Corridor, which boasts over four million square feet of retail, over 100 restaurants and more than 200 stores. Additionally, the community is within three miles of Park Place Mall, 7.7 miles of Davis-Montham Air Force Base, eight miles of University of Arizona and 14 miles of Tucson International Airport. Nearby recreational destinations include Saguaro National Park East, Canyon Ranch and Pima Air and Space Museum.
The JLL Capital Markets Debt and Equity Advisory team representing the borrower was led by Senior Managing Director Brad Miner and Senior Managing Director Ryan Ade.
“Canyon Heights represents a unique opportunity to acquire a well-located property in a transforming submarket,” said David Lazarus, a Managing Director at LEM. “The property has significant physical upside, and we believe that it should benefit greatly from the positive demographic trends in the submarket and the Tucson MSA.”
“Canyon Heights is our fourth acquisition in Tucson, and we plan to reposition the property through an extensive renovation program in order to capitalize on current market trends,” said Chris Cameron, Chief Financial Officer of Rincon Partners. “We look forward to partnering with LEM in the execution of our business plan and appreciate JLL’s efforts in sourcing attractive financing for the transaction.”
