PHOENIX, ARIZONA (March 23, 2023) --- Northmarq’s Debt and Equity team of Brandon Harrington and Tyler Woodard secured $44.9 million in construction financing for the development of Amavida in Marana, Arizona. The capital stack included a senior construction loan with a bank and preferred equity from a private real estate firm. The ground-up multifamily project is being developed by a partnership between Ascent Companies and Vanderbuild.
Located in Marana, a town just northwest of Tucson and the fastest-growing community in southern Arizona, the developer plans to break ground on Amavida in the next few weeks. The project, on the south side of West Ina Road, is a ground-up development including 200 units, a clubhouse, fitness center, pool, entertainment lawns, BBQ, and dog parks. Amavida will also feature a 3.5-acre private park, an amenity that no other multifamily property in the Tucson area offers. The community will have a unit mix of 84 one-bedroom units, 104 two-bedroom units, and 12 three-bedroom units. It will include eight residential buildings with a parking ratio of 1.89 parking spaces per unit.
“It’s great to see this deal get closed for the Ascent/Vanderbuild team. Amavida is going to be a great addition to the Marana and Tucson area, bringing much-needed housing to the submarket,” said Harrington, “Marana and the southern Arizona corridor along I-10 continues to see strong economic development and population growth, and Amavida is situated to take advantage to the demand for housing in the area.”
The land for this project was purchased 11/30/2022. See RED Comp #10331 to learn more.