Four Diamond resort south of Tucson enters a new chapter; SBA 504 structure delivers higher leverage to fund planned capital improvements
Tubac, Ariz. (November 4, 2026) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $27.9 million in structured financing for the acquisition of Tubac Golf Resort & Spa, located at 65 Avenida de Otero in Tubac, Ariz. The AAA Four Diamond resort sits on more than 500 acres of the historic Otero Ranch, about 45 miles south of Tucson with ready access to I-19. It features 98 rooms and suites, including 17 private casitas, a 27-hole golf course, and a full-service spa.
Adam Parker, Principal, and Andrew Christopherson, Associate, of Gantry’s Phoenix production office represented the borrower, a private real estate investor. The financing pairs a 5-year fixed-rate loan from a Regional Bank with a 25-year SBA 504 loan, funded through a Certified Development Company (CDC), in second position. Both loans carry 25-year amortization.
“Tubac is a Four Diamond resort with a storied history as both a golf destination and a wellness retreat,” said Parker. “From the moment I learned about the request, I knew the asset was special, but it would take a specific capital source to understand its story and the sponsor’s plans. The sponsor wanted to maximize leverage so it could invest the capital needed to elevate this historic property even further. We found the right regional bank and paired it with an SBA 504 structure. The CDC’s loan, secured by a second lien, gave the sponsor a lower cost of capital as opposed to a mezzanine structure.”