Northmarq Helps Finance $45M Tucson-Area Rental Community

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, just northwest of Tucson, the developer plans to break ground in the next few weeks. The project includes 200 units, a clubhouse, fitness center, pool, entertainment lawns, BBQ, and dog parks. Amavida will also feature a 3.5-acre private park. It will include eight residential buildings with a parking ratio of 1.89 parking spaces per unit.

Northmarq’s Brandon Harrington added, “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.”