Waterfront Apartments – Phoenix, AZ
- Loan Amount: $14,280,000
- Purpose of Loan: Cash-Out Refinance
- Capital Source: Freddie Mac
- LTV: 70%
- Term: 7 Years
- Rate: 4.22%
- Amortization: 30 Years
- Interest Only: 1 Year
Waterfront Apartments is a 288 unit multifamily property located in Phoenix, Arizona. Originally built in 1980 and renovated in 2006, and then again between 2015-2017. Our client, an experienced multifamily operator with over 4,400 units under ownership, acquired the asset in August 2015 for $10,500,000.
At the time of purchase, the un-stabilized asset was acquired as an REO through auction.com. Since acquisition, the borrower has spent approximately $350,000 in additional renovations, which include: new landscaping and signage, HVAC and asphalt replacement, new tile flooring, exterior paint, furniture, electrical, and roof replacement.
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.
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