TUCSON-Nevins Adams Lewbel Schell has refinanced a 300-unit luxury apartment complex here through HUD’s Section 223(a)(7) program. CBRE’s direct HUD FHA lender, CBRE HMF, Inc. provided the $23.7 million loan for Finisterra Apartment Homes.
Located at 6795 East Calle La Paz, Finisterra Apartment Homes offers a mix of one, two and three bedroom units ranging from 670 square feet to 1,300 square feet. Monthly rents range from $750 to $1,089.
Finisterra Apartment Homes is one of three properties that Santa Barbara, CA-based NALS owns in the Tucson area. The firm also owns Sonoran Terraces in Tucson and Saddle Ridge in Oro Valley. In total, NALS’ portfolio consists of more than 14,000 apartment units.
Tracy Kennedy, vice chairman in CBRE’s Debt & Equity Finance office in Austin, TX, originated the refinance for Finisterra Apartment Homes. Kennedy partnered with John Taylor, a first vice president with CBRE HMF in Seattle. The loan resets the amortization term back to the original 40 years and substantially reduces the interest rate from the original HUD construction loan.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
