Tucson Investor Converting Apartments to Condos
Vertical Street Ventures obtained a refinancing on Redondo Tower, a 96-unit high-rise residential condominium property located in downtown Tucson. Berkadia’s Vin Basa secured a $26 million cash-neutral refinancing through a debt fund on behalf of Vertical Street.
The condo inventory loan featured a full-term interest-only schedule and was sized at 65% loan-to-value based on the total market value of the residential condos. Originally constructed as condos in 1961, Redondo Tower has recently operated as an apartment complex.
After exploring various exit strategies, owner Vertical Street Ventures decided to convert Redondo Tower to condominiums, with an objective to deliver the highest and best returns for their investors.
Located at 425 W Paseo Redondo, this property offers an iconic mid-century modern high-rise experience, 96 fully renovated residential units, as well as four additional business units.
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Atlas Capital Snags Hell’s Kitchen Apartments for Reported $150M
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EYA Advances Two Residential Developments in Fairfax County
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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