Moderne Communities, located in Vail, AZ, has received a $41.1 million loan from Calmwater Capital to refinance their 224-unit build-to-rent community. The two-year senior loan is backed by Moderne at Rocking K, situated within the master-planned community of Rocking K and just 22 miles southeast of Downtown Tucson.
The 17.1-acre property will be completed in two phases between November 2023 and September 2024 and offers a variety of one-, two- and three-bedroom floorplans across its single-story rental homes. Each unit boasts open-concept living areas with nine-foot ceilings as well as private yards for residents to enjoy.
Amenities at Moderne at Rocking K include a beach entry pool and spa, pickleball courts, barbecue area with firepit, and fitness center for residents’ use.
According to Larry Grantham from Calmwater Capital: “Moderne’s first phase saw impressive lease-up velocity which has continued since all units have been completed. The property is expected to reach stabilized occupancy levels next year.” Way Capital facilitated the financing for this project.
