Arbor on Broadway – Mesa, AZ
- Loan Amount: $3,400,000
- Capital Source: Freddie Mac
- Purpose of Loan: Cash-out Refinance
- LTV: 75%
- Term: 10 years
- Interest Rate: 4.61%
- Amortization: 30 years
- Prepay: Stepdown
Arbor on Broadway is a 97 unit apartment building located in Mesa, Arizona. Tower Capital’s client, a high net worth, California-based investor, acquired the asset at the bottom of the real estate market in 2010. At the time of acquisition, the property was in disrepair with a poor tenant mix. Over the years, the borrower has performed substantial renovations, both cosmetic along with HVAC, mechanical, and plumbing, and increased NOI and value dramatically.
The $3.4 million dollar loan was used to replace the existing debt and provided the borrower with aproximately $2.2 million dollars of cash back to recoup costs for capital improvements and to be used towards additional investment opportunities.
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.
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