TUCSON, Ariz. – CBRE announced the $31.15 million sale of a 426-unit multifamily portfolio consisting of one- and two-bedroom casitas in 28 communities across the greater Tucson area.

CBRE’s Tucson capital markets team comprised of brokerage, debt and equity and appraisal services all contributed to the transaction. The buyer, HZ One, LLC, a Tucson-based venture led by Chris Kemmerly, Marcel Dabdoub and Ike Isaacson, plans to brand the portfolio as San Xavier Casitas.

CBRE’s Capital Markets Debt & Structured Finance team, Tim Prouty, Kevin Prouty and Theresa Witz, secured a debt package consisting of 12 separate loans – eight standalone loans and four grouped loans – originating from the Freddie Mac Small Balance Loan program.

“The portfolio’s expansive presence across the Tucson metro provided stability and ultimately helped secure the financing,” said CBRE’s Tim Prouty. “The added flexibility offered by the Small Balance Loan program was crucial to a successful structuring of the debt.”

The loan package was the largest single Small Balance Loan financing completed by CBRE and Freddie Mac since the program began nearly two years ago.

Byron Bridges with CBRE Valuation & Advisory Services in Tucson led the team’s appraisal services.

For additional information, Isaacson can be reached at 520.777.4089 and Prouty should be contacted at 520.323.5123.

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[mepr-show rules=”58038″]Sale date: 3/15/2018. Sale price: $31,148,700. Document #2018-0740846. (324) APNs Seller: Hazen Townhomes, Brent Hazen, manager.[/mepr-show]

TUCSON – CBRE Capital Markets Debt & Equity Finance Group announced Tuesday the successful refinancing of the Encantada at Riverside Crossing at 1925 W River Road, one of the highest-quality, state-of-the-art class A apartment communities in Tucson, Ariz. The $33,800,000 loan was funded through international insurance company AIG, Inc.

The financing of Encantada at Riverside Crossing was originated by Jim Sellers, Senior Vice President, Tim Prouty, First Vice President and Theresa Witz, Senior Analyst of CBRE’s Debt and Equity office in Tucson.

“Bert Lopez has grown HSL Properties into the major apartment owner/developer in Southern Arizona,” said Sellers. “He has given to the community in a variety of ways and this was an opportunity for CBRE to contribute to his successes by bringing insurance company capital to our area.”

The project is sponsored by HSL Properties, Inc., who developed the apartment community in 2011. Tucson-based HSL Properties is a real estate company that focuses on multifamily apartment properties, particularly in the southwestern United States. The company has also invested in office and retail buildings, shopping malls, a golf course and hotels. Founded in 1975 by Humberto Lopez and Glenn Toyoshima, over the past 35 years HSL has acquired, owned, operated and developed properties in Arizona, California, Colorado, Georgia, New Mexico, and Texas.

Encantada at Riverside Crossing is a 304-unit class A apartment community with a mix of one- , two- and three-bedroom floor plans. Amenities include a resort-style pool and swim up lounge with a double sided fireplace, state-of-the-art athletic center, private 27 seat THX movie theatre, indoor/outdoor clubhouse with wifi, flat screen TVs and complimentary coffee bar. All units are TEP-guaranteed for energy efficiency and include 9 and 10 foot ceilings, granite countertops, walk-in closets and full size washer and dryer.

The property is located along River Road, one of Tucson’s busiest east-west arterials, with convenient access to the I-10 freeway and the foothills of North Tucson. Northwest Medical Center is located less than one mile north and two regional malls are within 2 or 3 miles of the property. The 13.09-acre site is one of only five new multifamily properties built in the north Tucson submarket since 2009.

For more information on CBRE’s Capital Markets Debt & Equity Finance Group Services, Sellers should be reached at (520) 326-7378, Prouty is at (520) 323-5123 and Witz can be contacted at (520) 326-9947. For information on Encantada at Riverside Crossing, the office phone is (520) 888-0744.