Capstone Collegiate Communities has obtained a financial package for the construction of a 165-unit, 532-bed PBSA community in Tucson, Arizona.
The developer took out a $75.5m loan from Cadence Bank. The firm also obtained equity financing from an insurance company, in a transaction arranged by TSB Capital Advisors.
The project will replace five historic homes that were previously moved to another location. Capstone acquired the land for $10.2m in March 2024. The development site is within walking distance of the University of Arizona at Tucson campus and Arizona Stadium.
The community will rise four and six stories and will encompass one- to six-bedroom floor plans. Amenities are set to include a swimming pool with sun deck and courtyard, grilling stations, an outdoor kitchen, a dining area and a hammock lounge.
Indoor amenities at property will include a fitness centre, a cold plunge, sauna, tanning rooms and a clubhouse with games and social areas. It will also feature private and group study lounges, a multimedia room and a coffee bar. Completion of the PBSA scheme is expected in autumn 2027.
Capstone Collegiate’s portfolio comprises 48 PBSA communities with more than $2.6bn in project costs.
