The View at North Mountain – Phoenix, AZ
- Loan Amount: $3,145,000
- Purpose of Loan: Cash-Out Refinance
- Capital Source: Credit Union
- LTV: 75%
- Term: 5 Years
- Rate: 4.65%
- Prepayment: 3-2-1
The View at North Mountain is a 72-unit multifamily property located in Phoenix, Arizona. The mismanaged property was acquired by the borrower in 2014 for $1.9 million. Following the acquisition, the borrower performed major interior and exterior renovations to the property which include new landscaping & signage, HVAC replacement, new appliances, new tile flooring, new exterior paint throughout the project, furniture, electrical, and roof replacement.
The $3.15 million loan provided by a California-based credit union, provided a full return of equity back to the borrower, along with additional funds to be applied towards future investment 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.
[button size=”medium” color=”#ffffff” background=”#a61e22″ radius=”0px” type=”flat” link=”http://towercapllc.com/” newwindow=”false” ]View our Commercial Real Estate Finance[/button]