Legacy Capital Advisors of Phoenix recently financed One North Fifth Apartments in Downtown Tucson. Working with the developer, Scott Stiteler of Tucson Urban, LLC, Legacy Capital Advisors secured permanent financing for the recently renovated MLK Public Housing Project.
The permanent financing solidifies this urban apartment complex and retail/commercial building as a long-term community endeavor.
“This project is significant to the downtown Tucson revitalization efforts and demonstrates Scott Stiteler’s commitment to the community,” Legacy Capital Advisors Principal Jim Pierson said.
This is one of several other investments Stiteler has made in Downtown Tucson, most notably seven new businesses that opened this summer including Diablo Burger and Proper.
Securing more than $6.2M in financing via U.S. Department of Housing and Urban Development (HUD) funds, the Legacy Capital team locked in a 35-year fully amortized loan at 3.25%.
Situated adjacent to the historic Hotel Congress and the newly renovated Rialto Theatre, the One North Fifth project is at the NWC of Congress St. and Fifth Ave. The project has 64 studio and 32 one-bedroom apartments on floors two through six. On the ground floor, the project boasts 9,000 SF of new retail and commercial space.