Moderne Communities, a build-to-rent community in Vail, AZ, has received a $41.1 million loan from Calmwater Capital for refinancing. The financing was arranged by Way Capital.
The two-year senior loan is backed by Moderne at Rocking K, situated in the master-planned community of Rocking K which is located 22 miles southeast of Downtown Tucson. This 17.1-acre community consists of 224 single-story rental homes with one-, two- and three-bedroom floor plans available for rent starting November 2023 and September 2024 respectively. Each home offers open-concept living areas, private yards and nine-foot ceilings to its residents.
Residents can also enjoy various amenities such as a beach entry pool and spa, pickleball courts, barbecue area with firepit as well as access to the fitness center.
According to Larry Grantham from Calmwater Capital: “Moderne’s first phase saw impressive lease-up rates due to renters being able to live in a home without the financial burden of homeownership.” With all units now completed and online soon after early next year they aim for stabilized occupancy levels.”
