HSL Lands $17M in Loans for Tucson Assets

Both loans benefit from Fannie Mae Multifamily's Green Rewards program, which serves as an incentive for the owner to more efficiently use water and energy.

Tanglewood, at 5050 E. 5th Street, in Tucson, AZ
Tanglewood, 5050 E. Fifth Street in Tucson, Ariz.

HSL Properties has obtained a total of $17 million in Fannie Mae refinancing for two Tucson, Ariz., properties. Greystone Managing Director Dan Wolins originated the loans.

Brittany Court is a 160-unit community located at 9000 E. Speedway Blvd. It comprises 64 one-bedroom and 96 two-bedroom units, which range in size from 650 to 823 square feet. The property received a $9 million loan and features common amenities such as a fitness center, clubhouse, swimming pool, spa, laundry facilities and 195 parking spaces. Several schools, a golf course and a country club are situated nearby, as are multiple shopping and dining destinations along Speedway Boulevard.

The 184-unit Tanglewood, situated at 5050 E. Fifth St., received $8 million in financing. This asset features 152 one-bedroom and 32 two-bedroom floorplans, ranging in size from 551 to 868 square feet. Residents can access several amenities at the location, including a tennis court, swimming pool, spa, laundry facilities and 501 parking spaces. The community is within walking distance of two shopping malls.

Green Rewards

Both loans are part of Fannie Mae Multifamily’s Green Rewards program. The borrower, HSL Properties, will have to commit to installing capital improvements that will provide at least a 20 percent reduction of water and energy use. The program also includes free energy and water audit reports. The 10-year loans have a 30-year amortization period.

Because of our relationship with Fannie Mae, we were able to secure the refinancing for these two properties which are expanding the multifamily offerings in the Tucson area,” said Wolins in a prepared statement.

Earlier last year, HSL Properties received another refinancing loan through Fannie Mae, totaling $22 million, for a community in Phoenix.

Image courtesy of Greystone