Monte Vista & Mellow Square – Phoenix, AZ
- Loan Amount: $1,216,000
- Purpose of Loan: Cash-Out Refinance
- Capital Source: Bank
- LTV: 75%
- Term: 5 Years
- Rate: 3.85%
- Prepayment: 3-2-1
Monte Vista and Mellow Square are two, 16-unit, multifamily properties located in Phoenix, Arizona. The mismanaged properties were acquired by the borrower in March of 2016 for a combined total of $1,010,000. Following the acquisition, the borrower performed several renovations to both properties which include, new paint, parking lot resurfacing, updated landscaping, and overall re-branding of the assets.
The $1.26 million loan provided by a regional bank, was used to pay off the existing, short term acquisition loan, and provide cash back to the borrower.
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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