Mosaic Quarter Secures $425 Million Loan From Bellwether Enterprise & CTL Capital For Sports Complex
$425,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 30, 2024
AI
The asset involved in the transaction is a development site located in Tucson, AZ. The site is part of a new sports complex known as Mosaic Quarter, which will include a 137,000-square-foot field house and a 200,000-square-foot iceplex. The total loan amount secured for this project is $425,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $425,000,000
- Lender: Bellwether Enterprise & CTL Capital
- Landlord: Mosaic Quarter
- Date of Loan: 10/30/2024
The deal was facilitated by Bellwether Enterprise and CTL Capital as the lenders for the Mosaic Quarter project, which is situated in Pima County. The landlords, associated with this development, are core to the loan's purpose, which funds the initial phase of the sports complex.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93