Terra Vista Palms - Glendale, AZ

Terra Vista Palms – Glendale, AZ

  • Loan Amount: $6,000,000
  • Purpose of Loan: Acquisition
  • Capital Source: Bank
  • LTV: 70%
  • Term: 10 years
  • Rate: 4.00%
  • Amortization: 30 years=
  • Prepay: Step down
  • Non-Recourse

Transaction Details:
Terra Vista Palms is a 138-unit apartment building located in Glendale, Arizona. The two-story, garden-style property, was originally built in 1975 and is individually metered for electricity. Terra Vista offers a good unit mix of studio (5%), one-bedroom (37%) and two-bedroom (58%) units with an average size of 690 square feet. Common-area amenities include onsite laundry, two community swimming pools, covered parking, BBQ picnic areas and a children’s playground.

The property was acquired by an experienced, Canadian-based, private investor with other Arizona assets. They have been investing in the valley since 2013 and are a repeat client of Tower Capital. They plan to add value to the property through tightening up operations and gradually increasing rents.

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.