$22.6M refinance secured for Villas de la Montaña in Tucson, Arizona

PHOENIX, Jul. 29, 2025 – JLL Capital Markets announced today that it has secured a $22.6 million refinancing for Villas de la Montana, a 332-unit, Class-B apartment community located in Tucson, Arizona.

JLL worked on behalf of the borrower, GDL Asset Management, LLC, founded in 2010 by CEO Genaro Diaz, in arranging the fixed-rate, non-recourse loan through Santander Bank N.A.

Built in 1988, Villas de la Montaña features a mix of studios, one-, two- and three-bedroom units with an average size of 676 square feet. Since acquisition in August 2021, the sponsor has completed comprehensive renovations across the property. Unit upgrades include new cabinetry, plumbing fixtures, hardware, resurfaced countertops, vinyl plank flooring, fresh paint and stainless-steel appliances. Additionally, exterior renovations have enhanced common areas, pool areas, landscaping, signage and parking lots.

Located at 4880 East 29th St. in Tucson's Southeast submarket, the property offers residents amenities including a swimming pool, stadium-inspired soccer field, playground, resident laundry room, BBQ pits, courtyards, picnic areas, fitness center, basketball court and clubhouse. The community is strategically positioned less than one mile from Davis-Monthan Air Force Base and approximately six miles from the University of Arizona, which enrolls over 48,000 students.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Brad Miner and Associate Drew Lydon.

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.

Greenwater Real Estate Management was founded in 2010 by CEO Genaro Diaz, who oversees the originations, acquisitions, and operations of their portfolio. They offer complete and unparalleled solutions for their clients, everything from management services to specific housing needs. Their goal and vision is to provide the perfect living community for families in Arizona, filled with lush landscaping, modern amenities, unique community features, and superior customer service. Greenwater Investment’s experts have over $1 billion in executed transactions and have averaged on exits 27% IRRs and 1.7x equity multiple all within an average 3-year holding period; this data is based on individual project level returns. For more information, visit 6430 N Swan Rd., Suite 200,m Tucson, AZ, www.greenwaterinvestments.com or contact 520-230-8987.

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.