MC Cos. Refinances 300-Unit Tucson Property for $41M
The deal continues an active year for the owner.
MC Cos. has refinanced The Place at Silverbell Gateway, a newly-built, 300-unit Class A multifamily community located in Tucson, Ariz. with a $40.5 million floating-rate loan through its JLL Real Estate Capital balance sheet program. The refinancing replaces a $32.5 million construction loan originated in March 2021 by Zions Bank, Yardi Research Data reported.
The JLL Capital Markets team was led by Senior Managing Director Brad Miner and Associate Drew Lydon.
Miner said in prepared remarks the balance sheet programs allowed MC Cos. to secure favorable terms while maintaining the optionality to transition to agency financing. He described the property as an exceptional asset in a strong Tucson submarket.
Property details
Located at 7430 North Silverbell Road, the garden-style luxury apartment community in Tucson’s northwest corridor was completed last year. The property has 83.3 percent occupancy. Situated on 16.5 acres, The Place at Silverbell Gateway has 10 three-story buildings which contain a mix of one- and two-bedroom apartments averaging 1,104 square feet. Rents range from $1,458 to $1,787, with an average of $1,611, according to Yardi Research Data.
Unit features include granite countertops, white cabinets, energy-efficient appliances, chef’s sinks, full-size washers and dryers, walk-in closets, high ceilings, ceiling fans and private patios or balconies.
Community amenities include a fitness center, swimming pool and spa, clubhouse, grilling sites, coffee bar and pet park. The property has controlled access, EV charging stations, covered assigned parking and more than 600 parking spaces.
Sitting in a strong market
MC Cos., which has offices in Tucson and Scottsdale, Ariz., owns and operates more than 7,000 residential units across 29 properties in Arizona, Texas and Nevada. More than 1,000 units are in development or construction, including the 312-unit luxury development, Mason Ranch. MC Cos. said in April site work was underway for the project in Tucson’s Tanque Verde submarket. The property is expected to be fully completed around May 2027 with move-ins slated to begin in late 2026.
Miner said in a prepared statement the Tucson multifamily market continues to demonstrate resilience with steady demand fundamentals.
Earlier this year, Multi-Housing News named Tucson the top emerging U.S. market of 2025. It was the only Western metro to make MHN’s list. Tucson’s occupancy rate in stabilized properties was the lowest among the 10 metros, at 92.0 percent in November 2024. Developers delivered 2,232 units across the metro in 2024, with another 2,441 in the construction phase.
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In its second-quarter 2025 report, Marcus & Millichap noted Tucson’s multifamily market recorded its fastest inventory growth in more than two decades. Tucson’s job market added nearly 5,000 positions in the seven months prior to April. Job momentum was expected to continue with a 0.9 percent projected expansion this year. The positive employment trends and a slowing construction pipeline will help vacancy reach 5.8 percent this year, according to Marcus & Millichap.
More MC deals
MC Cos. has also been active elsewhere in Arizona. In May, the firm acquired The Core Scottsdale, a 282-unit, Class A community in North Scottsdale. Built in 2018, the mid-rise property is situated within the Scottsdale Airpark Employment Corridor, with strong market fundamentals including proximity to the Airpark’s 86,000 jobs and the Mayo Clinic’s nearly $2 billion expansion of its Phoenix campus. The Core Scottsdale has studios, one- and two-bedroom floorplans.
Earlier in the year, MC Cos. purchased the 148-unit Boulder Creek apartment community in the Papago Park area of Phoenix. Built in 1984, Boulder Creek has studio, one- and two-bedroom floorplans. The property is located near Phoenix Sky Harbor International Airport and Arizona State University.
MC Cos. has also been a seller in recent months. In June, the company sold The Place at Arroyo Verde, a newly-built, 156-unit multifamily community in Tucson’s Casas Adobes submarket for $37.5 million to Olympus Property. The property has a garden-style design with a mix of one-story casitas and two-story walk-up floorplans.
