Multifamily
Debt & Equity

Northmarq secures $44.9 million in construction financing and preferred equity for a Marana multifamily development

PHOENIX, ARIZONA (March 23, 2023) --- 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 real estate private equity firm. The ground-up multifamily project is being developed by a partnership between Ascent Companies and Vanderbuild. 

Located in Marana, a town just northwest of Tucson and the fastest growing community in southern Arizona, the developer is planning to break ground on Amavida in the next few weeks. The project, on the southside of West Ina Road, is a ground-up development including 200 units, clubhouse, fitness center, pool, entertainment lawns, BBQ’s and dog parks. Amavida will also feature a 3.5-acre private park, an amenity that no other multifamily property in the Tucson area offers. The community will have a unit mix of 84 one-bedroom units, 104 two-bedroom units, and 12 three-bedroom units and will include eight residential buildings with a parking ratio of 1.89 parking spaces per unit.

“It’s great to see this deal get closed for the Ascent/Vanderbuild team. Amavida is going to be a great addition to the Marana and Tucson area, bringing much needed housing to the submarket,” said Harrington, “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.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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Amavida
Construction Loan
$44,900,000