312-Unit Tucson Rental Project Fully Funded, Under Construction
MC Companies started work on The Place at Mason Ranch in Tucson. Conceived in 2021, when MC Companies paid $4.4 million for the land, the project reached a significant milestone in late March with the closing of its construction loan, a $49 million loan from lender Kennedy Wilson and a preferred equity line of credit for $15 million from partner Marble Capital.
Located at 2945 and 2965 North Bear Canyon Road, Mason Ranch will feature 312 luxury apartment homes on approximately 16.12 acres. The units will feature private balconies or patios, and amenities will include a clubhouse, fitness center, pool, and spa.
Residents will be near major retailers, restaurants, grocery stores, and outdoor destinations, including Mt. Lemmon Highway and nearby hiking, biking, and walking trails.
The 363,436-square-foot development is scheduled for full completion by May 2027, with initial move-ins anticipated by late 2026.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout