Plaza Del Lago Professional Center – Peoria, AZ
- Loan Amount: $1,000,000
- Capital Source: Credit Union
- Purpose of Loan – Cash-Out Refinance
- LTV: 41%
- Term: 15 Years
- Interest Rate: 4.50%
- Amortization: 25 Years
- Prepay: None
Built in 2007, Plaza Del Lago Professional Center as a whole consists of 38,502 square feet of Medical/Office condos in North Peoria ½ mile north of Happy Valley Rd & Lake Pleasant Parkway. Tower Capital’s client began acquiring the office condos in 2011 and currently owns 6 of the office condos, totaling 11,701 square feet, or 30% of the complex.
The $1,000,000 loan secured by Tower Capital through a regional credit union provided the borrower with a return of equity, along with the funds to complete the final build out for Driggs Title, at which point the condos will be 100% occupied. The 15 year loan has an initial fixed rate at 4.50%, with 5 year annual resets, and zero prepayment penalty, providing the borrower with flexibility should they sell the condos.
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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