Resort on 27th Avenue – Phoenix, AZ
- Loan Amount: $19,381,000
- Purpose of Loan: Cash-Out Refinance
- Capital Source: Freddie Mac
- LTV: 68%
- Term: 7 Years
- Rate: 4.13%
- Amortization: 30 Years
- Interest Only: 1 Year
The Resort on 27th Ave is a 468 unit multifamily property located in Phoenix Arizona. The borrower acquired the asset in March 2015 as a distressed REO for $13,912,500. Since acquisition, the borrower has spent close to $650,000 on capital improvements which include parking lot resurfacing, new landscaping, common area renovations to pool, recreation room, gym, office and playground, as well as new lighting, signage and an overall rebranding of the property.
The loan amount secured by Tower Capital represents a significant cash out to the borrower after only a few years of ownership. The loan proceeds were used to return equity back to the borrower and their investors, as well as provide funds for future investments.
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.