BWE, a national commercial and multifamily mortgage banking company, announced today that it has successfully arranged $28,809,000 to refinance Cabana Bridges, a 288-unit garden-style multifamily community built in Tucson, Arizona in 2023. The financing was arranged on behalf of Greenlight Communities, LLC, a Scottsdale-based developer specializing in creating high-quality, attainable rental housing throughout Metro Phoenix and Tucson, and Holualoa Companies, a Tucson-based real estate investor and developer.
Matt Terpstra, vice president, and Charlie Williams, executive vice president, both in BWE’s Phoenix office, originated the seven-year Freddie Mac loan, which features a flexible prepayment option and a favorable interest rate that closely aligned with Greenlight Communities’ business needs. Greenlight is unique in the multifamily housing space for the affordability of their new developments, and Cabana Bridges is the latest Tucson offering in their flagship Cabana line of well-designed, attainable multifamily housing.
“We were pleased to work with our longtime client, Greenlight Communities, to secure the right financing solution for Cabana Bridges,” Terpstra said. “By tracking this opportunity for nearly a year, we were well positioned to move quickly when market conditions allowed us to deliver a solution aligned with Greenlight’s financing objectives. Borrowers in Arizona should know there is a deep pool of available capital—from agencies, debt funds, and life insurance companies—offering cost-effective loans with flexible prepayment options.”
“We appreciate BWE’s partnership in securing financing that supports the long-term success of Cabana Bridges,” said Rob Lyles, Co-Founder and Senior Partner at Greenlight Communities. “Their team understood our goals and helped us move efficiently through the process. This community reflects our continued focus on delivering housing that meets the needs of Arizona’s workforce, particularly in markets like Tucson where demand remains strong.”
Located at 1102 E. 36th Street, just off I-10 and less than 5 miles from Downtown Tucson, the gated Cabana Bridges community offers studio, one-, and two-bedroom apartments with thoughtfully designed features including stainless steel appliances, designer laminate countertops, European wood-style cabinetry, wood-style plank flooring, carpet in bedrooms, workstation desk in studio and one-bedroom units, in-unit washer/dryers, controlled access entries, and pre-installed Wi-Fi. Cabana Bridges offers a range of functional community amenities, including spacious outdoor courtyards with citrus trees, barbecue and seating areas, a two-story clubhouse with a coworking lounge and coffee bar, covered parking, a 24/7 fitness center, and a swimming pool with lounge seating.