JLL Capital Markets facilitates loan for multifamily property in South Tucson
News release
24 October 2025
Villas Las Mandarinas: $19.5M refinancing secured for Tucson apartment community
PHOENIX, Oct. 24, 2025 – JLL Capital Markets announced today that it has secured a $19.5 million refinancing for Villas Las Mandarinas, 322-unit apartment community in Tucson, Arizona.
JLL worked on behalf of the borrower, GDL Asset Management, LLC and GDL Property Management, LLC, whose CEO is Genaro Diaz, in securing the fixed-rate loan through Santander Bank N.A.
Villas Las Mandarinas, located at 4250 E. 29th St., is a garden-style apartment complex that offers convenient access to major employment centers and amenities in Tucson's established residential corridor.
Tucson continues to demonstrate economic resilience with growing rental demand and investor confidence. The market has shown particular strength in the Class-B apartment segment, attracting both local and institutional capital.
Built in 1977 and renovated in 2023, Villas Las Mandarinas offers modern amenities within a recently updated community. The property features 322 units averaging 389 square feet, positioned as workforce housing in Tucson's competitive rental market. The comprehensive 2023 renovation enhanced the property's competitive position and rental potential.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Brad Miner and Associate Drew Lydon.
"The successful refinancing of Villas Las Mandarinas demonstrates continued lender confidence in quality, renovated assets in the Tucson market," said Miner. "Santander Bank's competitive terms and flexible structure made this an ideal financing solution for Greenwater's investment strategy."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GDL Asset Management, LLC and GDL Property Management, LLC
GDL Asset Management, LLC was founded in 2010 by CEO Genaro Diaz and is a leading multifamily investment and property management company specializing in Class B and C communities. The company's investment professionals have executed over $1 billion in transactions, achieving average returns of 27% IRR and 1.7x equity multiples within a typical three-year holding period. Greenwater employs a value-added investment strategy focused on reducing operating expenses, increasing rents and improving occupancy through renovation and repositioning of structurally sound properties with immediate income potential. The companies have a proven track record with an average annual ROI of 24%. For more information, visit www.greenwaterinvestments.com.
About Santander Bank N.A.
Santander Bank N.A. is dedicated to helping people and businesses prosper, extending this mission to clients, communities and team members alike. The bank offers competitive compensation, market leading benefits and comprehensive career development programs. At Santander, individuals can make a meaningful impact while building their own bright future.