Virtua Lands Funding for Opportunity Zone Project in Tempe

Virtua Credit has placed a $15 million construction loan for a 90-unit entry-level apartment building in Tempe.

By Kelsi Maree Borland | July 10, 2019 at 04:00 AM

Virtua Credit has placed funding for an opportunity zone project in Tempe on behalf of its affiliate Virtua Partners. The firm has secured a $15 million non-recourse construction loan for Virtua Partners' 90-unit entry-level apartment complex in Tempe through a third party.

Located at East Broadway Road and South Country Club, the apartment project will include one-, two- and three-bedroom floor plans. It is scheduled to open in September 2020.

Virtua Partners has been on the forefront of opportunity zone development. This is the second construction loan that Virtua Credit has placed for an Opportunity Zone project. The first recently broke ground in Avondale, Arizona, which is also being developed by Virtua Partners.

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Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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