Tamarak Gardens – Phoenix, AZ
- Loan Amount: $5,425,000
- Purpose of Loan: Cash-out Refinance
- Capital Source: Fannie Mae
- LTV: 68%
- Term: 10 Years
- Rate: 4.49%
- Amortization: 30 Years
- Prepay: Yield Maintenance
Tamarak Gardens is a 144-unit apartment project located in Phoenix, Arizona. It was originally built in 1984 and has a unit mix consisting of studio, one, and two-bedroom units. Amenities include community swimming pool and spa, clubhouse, and onsite laundry facilities.
The property was acquired by the borrower, an experienced private investor, in December 2014. At the time of purchase, the property suffered from above market vacancy and a very poor tenant composition. Under new ownership, the property has flourished, with both occupancy and NOI reaching peak levels.
The long term, fixed rate loan, secured through Fannie Mae, provided the borrower with a significant cash-out, which will be used to deliver equity back to investors and provide capital to re-invest in 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.