**Vertical Street Ventures Secures $26M Refinancing for Tucson Condo Conversion**
Vertical Street Ventures has successfully secured a $26 million refinancing for Redondo Tower, a 96-unit high-rise residential property located in downtown Tucson. The financing was arranged by Berkadia’s Vin Basa through a debt fund and was structured as a cash-neutral condo inventory loan.
The refinancing features a full-term, interest-only payment schedule and is sized at 65% loan-to-value, based on the total market value of the residential condominiums. Originally constructed in 1961 as condominiums, Redondo Tower had most recently been operating as an apartment complex.
Following a thorough evaluation of potential exit strategies, Vertical Street Ventures made the decision to convert the property back to condominiums with the aim of maximizing investor returns.
Located at 425 W. Paseo Redondo, the property is a notable example of mid-century modern architecture and consists of 96 fully renovated residential units, in addition to four business units.
