From Our Blog

Check our some recent articles and posts from our blog.

312-Unit Tucson Rental Project Fully Funded, Under Construction

MC Companies started work on The Place at Mason Ranch in Tucson. Conceived in 2021, when MC Companies paid $4.4 million for the land, the project reached a significant milestone in late March with the closing of its construction loan, a $49 million loan from lender Kennedy Wilson and a preferred equity line of credit for $15 million from partner Marble Capital.

Located at 2945 and 2965 North Bear Canyon Road, Mason Ranch will feature 312 luxury apartment homes on approximately 16.12 acres. The units will feature private balconies or patios, and amenities will include a clubhouse, fitness center, pool, and spa.

Residents will be near major retailers, restaurants, grocery stores, and outdoor destinations, including Mt. Lemmon Highway and nearby hiking, biking, and walking trails.

The 363,436-square-foot development is scheduled for full completion by May 2027, with initial move-ins anticipated by late 2026.

The post 312-Unit Tucson Rental Project Fully Funded, Under Construction appeared first on Connect CRE.

KeyBank Provides $35M for Rural Arizona Affordable Housing

KeyBank Community Development Lending and Investment provided a $13.9 million construction loan and $21.4 million in low-income housing tax credit financing for the construction and rehabilitation of Miami Inspiration Housing in Miami, Arizona. Zammy Arcos and Matthew Haas of KeyBank CDLI structured the financing. Chicanos Por La Causa is developing the property. Gorman Property Management, an affiliate of Gorman & Company (“Gorman”), will serve as the management company.

Miami Inspiration Housing will consist of renovating a non-occupied historical building with 16 units and building a second building with 24 units, creating a 40-unit total affordable housing complex. The property will provide quality housing for families with income levels between 40%, 50%, and 60% of the AMI. 

The development is located in Miami (photo), a rural town approximately 80 miles east of Phoenix. The community is located within the Copper Corridor, where mining and ranching still represent 20% of the county’s primary sources of employment. 

 

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Suburban Phoenix Coworking Locations See Huge Bump

Phoenix suburbs have seen an explosion of coworking sites. The Valley of the Sun has 4.5 million square feet of suburban coworking space, a 185% jump from the 1.5 million square feet it had in 2023. That puts the Phoenix metro area in sixth place nationally.

A recent Yardi Matrix report also said it expects to gain another one million square feet this year.

In 2023, roughly 60% of coworking square footage in Phoenix was in suburban areas. That share has now jumped to 82%.

What’s happening in the Phoenix metro area is part of a larger trend. Suburban coworking square footage nationally jumped from about 55.5 million square feet in 2023 to over 87.6 million square feet at the beginning of this year.

Some examples of new coworking spaces cropping up in the greater Phoenix area include those from International Workplace Group, which opened 15 locations in Arizona last year.

The post Suburban Phoenix Coworking Locations See Huge Bump appeared first on Connect CRE.

Iconic Tucson Office Building Going Strong at 50

5151 E. Broadway Tower, Tucson’s largest commercial office building, will be celebrating its 50th Anniversary over the next year. Despite its age, the town’s most prominent real estate property announced it has inked nearly 80,000 square feet of new leases and renewals. Since the fourth quarter of last year, the uptick in interest spans multiple categories, including architecture, construction, healthcare and health administration, insurance, first-class executive suites, mortgage lending, and business and home services.

The building has also added some new amenities. Tucson Coffee Cricket moved into the lobby last summer. 5151 recently completed renovations to the fitness facility, which include new equipment and a 40% increase in the workout area.

The building, which is 261,000 square feet and 16 stories high, cost $5 million when it was completed in 1973. Seldin Real Estate is the building owner.

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