The Quails Apartments – Tucson, AZ
- Loan Amount: $8,032,000
- Purpose of Loan: Acquisition
- Capital Source: Fannie Mae
- LTV: 66%
- Term: 7 Year ARM
- Amortization: 30 Years
- Interest only: 3 Years
- Prepay: 12 month lockout followed by 1% thereafter
The Quails is a 288 unit apartment property located in Tucson, Arizona. The project was originally completed in two, 144 unit phases, between 1984 and 1985. Tower’s client is an experienced, Southern California-based, private investor with a portfolio consisting of approximately 5,000 multifamily units throughout the southwestern US.
The Fannie Mae loan arranged by Tower Capital will allow the borrower to complete an exterior facelift to the asset, as well as update the interior of the units, allowing them to increase rents, NOI, and value. Upon completion of the business plan, the borrower will either sell the asset, or refinance to pull cash out reinvest into additional 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.