Vertical Street Ventures Secures $17M Bridge Loan For Tucson Multifamily Property

Vertical Street Ventures has closed on a multifamily property located at 1625 East Prince in Tucson, AZ. The transaction was facilitated by Scott Rosenstock and Barry Lefkowitz of Meridian Capital Group. The property was acquired for $17,000,000 and the loan obtained for the purchase was a bridge loan. The loan terms include a 3+1+1 structure, with a loan-to-value (LTV) ratio of 75% based on the purchase price and 100% coverage of capital expenditures.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $17,000,000
• Address: 1625 East Prince, Tucson, AZ
• Market: Tucson, AZ
• Landlord: Vertical Street Ventures
• Brokers: Scott Rosenstock & Barry Lefkowitz - Meridian Capital Group
• Loan Type: Bridge
• Loan Terms: 3+1+1
• Loan-to-Value (LTV): 75% of Purchase price & 100% of Capex

Scott Rosenstock and Barry Lefkowitz from Meridian Capital Group were instrumental in finalizing the deal, representing Vertical Street Ventures. The successful acquisition of the multifamily property in Tucson, AZ highlights the expertise and professionalism of all parties involved.