Virtua Lands Funding for Opportunity Zone Project in Tempe

Article originally posted on Globe St. on July 10, 2019

Virtua Credit has placed funding for an opportunity zone project in Tempe on behalf of its affiliate Virtua Partners. The firm has secured a $15 million non-recourse construction loan for Virtua Partners’ 90-unit entry-level apartment complex in Tempe through a third party.

Located at East Broadway Road and South Country Club, the apartment project will include one-, two- and three-bedroom floor plans. It is scheduled to open in September 2020.

Virtua Partners has been on the forefront of opportunity zone development. This is the second construction loan that Virtua Credit has placed for an Opportunity Zone project. The first recently broke ground in Avondale, Arizona, which is also being developed by Virtua Partners.