Vertical Street Ventures Secures $26 Million Refinance For Redondo Tower In Tucson

The property asset involved in this transaction is a 96-unit condo situated at 425 West Paseo Redondo in Tucson, AZ. The transaction involved a loan amount of $26,000,000, categorized as a refinance. The property is currently being repositioned from an apartment complex to condos to enhance investor returns.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $26,000,000
• Address: 425 West Paseo Redondo
• Market: Tucson, AZ
• Units: 96
• Landlord: Vertical Street Ventures
• Broker: Vin Basa - Berkadia
• Loan Type: Refinance
• Loan to Value: 65%

Vertical Street Ventures executed a $26M cash-neutral refinance for Redondo Tower through Berkadia and a debt fund. This highlights the strategic move by the landlord to capitalize on the potential of the asset in the market.