MZ2 - Scottsdale, AZ

MZ2 – Scottsdale, AZ

  • Loan Amount: $3,850,000
  • Capital Source: Bank
  • 11 Units
  • Purpose of Loan: Construction Loan
  • LTC:  65%
  • Term: 36 Months

Transaction Details:
MZ Phase II (MZ2) is the second phase of the nationally acclaimed MZ Townhomes – the first Net Zero Energy (NZE) townhomes in Arizona.  It will be a distinctive, luxury community with amenities such as a heated pool and barbecue.

All units will have private balconies, private garages and private ground floor patio.  The project is comprised of two, 3-story buildings containing 1 and 2 bedroom units employing six different floor plans.  The project is located just one block east of the Scottsdale Road and Camelback Road intersection, on the most prestigious intersections in the Phoenix metropolitan area.

The project lies within walking distance of the W Hotel, Entertainment district and Scottsdale Fashion Square.  MZ2 will be the fifth Net Zero Energy project developed by Modus – a nationally recognized leader in building high performance homes in prime areas.  MZ2 will be developed in one phase.

The homes will be platted so that could be sold individually, however, the developer intends to rent the units initially.  Rents are expected to range from $2,600 – $4,400 per month. Construction is Type V construction – block with wood frame and construction is expected to take approximately 10 months to complete.

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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