Aire Libre

Aire Libre Apartments – Phoenix, AZ

  • Loan Amount: $4,125,000
  • Purpose of Loan: Acquisition
  • Capital Source: Freddie Mac
  • LTV: 79%
  • Term: 10 years
  • Rate: 4.53%
  • Amortization: 30 years
  • Interest Only: 36 months
  • Non-Recourse

Transaction Details:
Aire Libre is an 80-unit apartment building located in Phoenix, Arizona. The two story, garden-style property, was originally built in 1985 and is individually metered for electricity. Aire Libre offers residents, 1×1 and 2×1 units, along with common area amenities that include onsite laundry, community swimming pool, and several large courtyards. The property was acquired by a private investors.

Tower Capital was able to increase the loan amount that was originally offered on the loan application by utilizing a hands on approach with the appraiser and working with the lender to increase underwritten NOI by including most up to date operating numbers as the transaction progressed through the financing process.

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.