8010 E. McDowell – Phoenix, AZ
- Loan Amount: $3,200,000
- Purpose of Loan: Acquisition Loan
- Capital Source: Bank
- LTC: 54%
- Term: 10 Years
- Rate: 4.30%
- Amortization: 25 Years
- Prepayment: 2%, 2%, 2%, 1%, 1%
8010 East McDowell consist of 43,870 rentable square feet in total; of which, 41,170 square feet is Class B multi-tenant office space on two floors and 2,700 square feet is a freestanding retail/restaurant building. The improvements were constructed using durable and timeless red brick construction. Decorative arches attractively clad the Property’s breezeways and walkways. All three buildings are positioned along either Hayden or McDowell Roads, maximizing visibility and signage. The office space is located within two buildings connected by breezeways on both floors. All space is exterior-loaded and separately metered, offering the buyer the rare flexibility to lease space on modified gross or triple-net structures.
The property was acquired utilizing a bank loan, which offered non-recourse financing at a 4.30% interest rate, fixed for 5 years then resetting thereafter. The borrower chose to utilize a step-down prepayment structure in order to provide some flexibility should they decide to sell later in the loan term.
About Tower Capital:
Tower Capital is a Commercial Real Estate Finance firm specializing in debt and equity placement on behalf of commercial real estate investors throughout the country. They offer borrowers conventional permanent financing through their commercial mortgage brokerage division, as well as short term bridge solutions through their in-house private money platform.