HSL Properties has obtained a $23 million Fannie Mae DUS loan to refinance La Reserve Villas, a 240-unit multifamily property in Oro Valley, Ariz. Greystone provided the 10-year, fixed-interest rate financing that features a 30-year amortization period and interest-only payments for the first five years.
Located at 10700 N. La Reserve Drive in the Northeast submarket of Oro Valley, the property is close to Oracle Road and Catalina State Park, across the street from Oro Valley Retail Center. Downtown Tucson is approximately 14 miles south.
Built in 1988 on 12.2 acres, the recently renovated La Reserve Villas consists of 20 two-story buildings. The Class B community features one- to three-bedroom floorplans averaging 1,100 square feet. Common-area amenities include a clubhouse, a fitness center, a spa and two resort-style pools. According to Yardi Matrix data, the property was 93.8 percent occupied as of August.
Greystone Managing Director Daniel Wolins, from the firm’s New York office, originated the loan. Wolins also recently secured a $27 million Fannie Mae bridge loan for the acquisition of a 542-unit community in Houston.