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Vertical Street Ventures obtained a refinancing on Redondo Tower, a 96-unit high-rise residential condominium property located in downtown Tucson. Berkadia’s Vin Basa secured a $26 million cash-neutral refinancing through a debt fund on behalf of Vertical Street.

The condo inventory loan featured a full-term interest-only schedule and was sized at 65% loan-to-value based on the total market value of the residential condos. Originally constructed as condos in 1961, Redondo Tower has recently operated as an apartment complex.