JLL Capital Markets announced that it has secured a $22.6 million refinancing for Villas de la Montana, a 332-unit, Class B apartment community located in Tucson, Arizona.
JLL worked on behalf of the borrower, GDL Asset Management, LLC, founded in 2010 by CEO Genaro Diaz, in arranging the fixed-rate, non-recourse loan through Santander Bank N.A.
Built in 1988, Villas de la Montaña features a mix of studios, one-, two- and three-bedroom units with an average size of 676 square feet. Since acquisition in August 2021, the sponsor has completed comprehensive renovations across the property. Unit upgrades include new cabinetry, plumbing fixtures, hardware, resurfaced countertops, vinyl plank flooring, fresh paint and stainless-steel appliances. Additionally, exterior renovations have enhanced common areas, pool areas, landscaping, signage and parking lots.
Located at 4880 East 29th Street in Tucson’s Southeast submarket, the property offers residents amenities including a swimming pool, stadium-inspired soccer field, playground, resident laundry room, BBQ pits, courtyards, picnic areas, fitness center, basketball court and clubhouse.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Brad Miner and Associate Drew Lydon.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
