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TUCSON, ARIZ. — Gantry has secured $8.5 million in acquisition financing for The Zone Apartments, a 104-bed student housing community located near the University of Arizona campus in Tucson.
Adam Parker and Chad Metzger of Gantry secured the financing through an undisclosed regional bank on behalf of the borrower, a private real estate investor. The loan features a five-year term, fixed rate and two years of interest-only payments.
The borrower acquired the property through a reverse 1031 exchange. The Zone is master leased to operator Tripalink and offers four-bedroom units with bed-to-bath parity.