Zach Novatt Of Calmwater Capital Provides $41.1 Million Refinance For Moderne Communities In Tucson

The property asset involved in this transaction is a built-to-rent community located at 7720 South Rocking K Ranch Loop in Tucson. It spans a total of 210,784 square feet and includes 224 single-story, single-family rentable homes. The community, known as Moderne at Rocking K, is situated within a master planned development 22 miles southeast of Downtown Tucson. This rental community features a range of one-, two-, and three-bedroom floorplans, with amenities such as a beach entry pool and spa, pickleball courts, barbecue and firepit area, and a fitness center.

Summary of transaction details:

• Property Type: Built-To-Rent Community
• Transaction Amount: $41,100,000
• Lender: Zach Novatt - Calmwater Capital
• Landlord: Randy Bury - Moderne Communities
• Brokers: Malcolm Davies & RJ Opeka - WAY Capital
• Loan Type: Refinance
• Loan Terms: Two years
• Units: 224
• Square Footage: 210,784

The transaction features key individuals including Zach Novatt, who represents Calmwater Capital; Randy Bury representing Moderne Communities; and brokers Malcolm Davies and RJ Opeka from WAY Capital. The two-year senior loan provided for this property is secured by Moderne at Rocking K, which is currently experiencing a strong lease-up velocity as all units come online, marking a significant advantage for renters looking for housing options without the costs associated with home ownership.