CBRE’s Capital Markets Debt & Equity Finance Group announced today the successful refinancing of the Encantada at Riverside Crossing, a Class-A apartment community in Tucson. The $33.8M loan was funded through international insurance company AIG, Inc.
The financing of Encantada at Riverside Crossing was originated by Jim Sellers, Senior Vice President, Tim Prouty, First Vice President and Theresa Witz, Senior Analyst of CBRE’s Debt and Equity office in Tucson.
“Bert Lopez has grown HSL Properties into the major apartment owner/developer in Southern Arizona,” said CBRE’s Sellers. “He has given to the community in a variety of ways and this was an opportunity for CBRE to contribute to his successes by bringing insurance company capital to our area.”
The project is sponsored by HSL Properties, Inc., who developed the apartment community in 2011. Tucson-based HSL Properties is a real estate company that focuses on multifamily apartment properties, particularly in the southwestern United States. The company has also invested in office and retail buildings, shopping malls, a golf course and hotels.
Encantada at Riverside Crossing is a 304-unit Class-A apartment community with a mix of one- , two- and three-bedroom floor plans. Amenities include a resort-style pool and swim up lounge with a double-sided fireplace, state-of-the-art athletic center, private 27-seat THX movie theatre, indoor/outdoor clubhouse with wifi, flat screen TVs and complimentary coffee bar. All units are TEP-guaranteed for energy efficiency and include 9 and 10 foot ceilings, granite countertops, walk-in closets and full size washer and dryer.
The property is located along River Road, one of Tucson’s busiest east-west arterials, with convenient access to the I-10 freeway and the foothills of North Tucson. Northwest Medical Center is located less than one mile north and two regional malls are within two or three miles of the property. The 13.09-acre site is one of only five new multifamily properties built in the north Tucson submarket since 2009.