HSL Properties Secures $52M for Arizona Asset
The Fannie Mae loan will be used to refinance a recently completed community in Tucson.
Encantada Rita Ranch. Image courtesy of HSL Properties
HSL Properties has secured a $51.9 million loan to refinance Encantada Rita Ranch, a 312-unit community in Tucson, Ariz. Greystone provided the 10-year, fixed-rate Fannie Mae Delegated & Underwriting Services (DUS) loan.
The recently built community comprises 16 buildings that offer a mix of one- to three-bedroom units ranging from 893 to 1,687 square feet, Yardi Matrix data shows. All units feature private balconies or patios, washers and dryers, as well as above-standard ceiling heights. Community amenities include a fitness center, clubhouse, pool, spa and controlled access.
Located at 9300 E. Valencia Road, Encantada Rita Ranch is adjacent to Fantasy Island Trail Head and less than one mile west of several retail and dining venues. Downtown Tucson is some 16 miles northwest via Interstate 10.
Dan Wolins, managing director at Greystone, originated the 30-year amortization transaction on behalf of the owner. Last year, Wolins was instrumental in originating a $91.3 million Fannie Mae DUS loan for four HSL Properties-owned apartment communities. Totaling 1,406 units, the portfolio is also located in Tucson.
