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.

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