TUCSON, Dec. 20, 2023 – CastleSquare’s capital markets group announced today it has arranged a $7.10 million in preferred equity for the acquisition of The Place at Spanish Trail, a multifamily complex within the East Tucson submarket.
CastleSquare worked on behalf of the buyer, an operator with more than 1,500 units under management in Arizona, to secure preferred equity through a private capital source. The sponsorship utilized short term senior and provided $10 million of common equity. CastleSquare brought $7.10 million in preferred equity to fill out the capital stack.
Built in 1979, The Place by Spanish Trail is located at 8601 East Old Spanish Trail, Tucson, AZ and consists of 256 one- and two-bedroom apartments. Apartment amenities include gated access, a multipurpose clubhouse, 24-hour fitness center, two swimming pools and spas. Dry sauna, enhanced dog park, playground, barbeque area, Amazon package lockers and more.
“We are excited to close on this 256 unit, institutional grade property at such a low basis. We will be adding some design features to the front of the property, renovating the remaining 40% of the units, updating the landscaping, adding privacy walls to the patios and adding a water conservation program. This is our 9th property in Tucson,” said the sponsorship’s President. “In an environment with not a lot of options, CastleSquare delivered”.
The CastleSquare Capital Markets team representing the borrower was led by President Michael Khalilzad and Director Alanna Wojciechowski.
“It was a pleasure working with this sponsorship group and our team looks forward to closing many more transactions together,” said Michael Khalilzad.
About CastleSquare
CastleSquare is a leading boutique capital markets firm and direct investor specialized in multifamily real estate. The firm’s capital markets group has a wealth of experience structuring and placing debt and equity in multifamily real estate acquisitions, ground-up developments, and recapitalizations. CastleSquare has more than 200 capital sources, including private fund managers, family offices, REITs, pension funds, insurance companies, and national commercial banks, offering best-in-class solutions for financing needs. For further information, visit CastleSquare.com
