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Mosaic Quarter Secures $425 Million Loan From Bellwether Enterprise & CTL Capital For Sports Complex
FINANCED
$425,000,000
Arizona
See Similar DealsDevelopment Site
Financed 10/30/2024
FINANCED
Mosaic Quarter Secures $425 Million Loan From Bellwether Enterprise & CTL Capital For Sports Complex
Development Site
Financed 10/30/2024
Summary
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$425,000,000.00
Monthly NOI$2,833,333.33
Monthly Debt Service$2,686,289.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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