Dealmaker: Calmwater Capital Funds $41.1M Refinance for Arizona BTR Community

(Image courtesy of Calmwater Capital)

Calmwater Capital, El Segundo, Calif., provided Moderne Communities with a $41.1 million loan to refinance a build-to-rent community in Vail, Ariz.

The two-year senior loan is secured by Moderne at Rocking K, located in the master planned community of Rocking K, about 20 miles outside of downtown Tucson.

The financing was arranged by Los Angeles-based Way Capital, led by CEO and Founder Malcolm Davies and Senior Director RJ Opeka. 

The community, Moderne at Rocking K, features 224 single-family homes for rent with a mix of foorplans. It is the only build-to-rent community in 5,000-acre Rocking K.

“Competition is scarce for similar product throughout the Tucson market which will only drive demand for Moderne,” said Calmwater Director Zach Novatt, who heads the firm’s originations efforts in the Western U.S. “The nearest build-to-rent community is 12 miles away and there are only two properties expected to be delivered through the end of next year.”