TUCSON, ARIZ. — GDL Asset Management has secured a $22.6 million loan, arranged by JLL Capital Markets, to refinance existing debt on Villas de la Montana in Tucson. The 332-unit community was built in 1988 and features a mix of studios and one-, two- and three-bedroom floor plans.
Since acquiring the asset in 2021, GDL has completed renovations across the property, including new cabinetry, plumbing fixtures, hardware, countertops and flooring in the units. The owner also has completed exterior upgrades to common and pool areas, landscaping, signage and parking lots.
Santander Bank N.A. funded the loan. JLL Capital Market’s debt advisory team representing the borrower was led by Senior Managing Director Brad Miner and Associate Drew Lydon.
Located at 4880 East 29th St. in Tucson’s Southeast submarket, the property’s amenities include a pool, a soccer field and basketball court, a playground, resident laundry room, grills, a fitness center and a clubhouse.