241 E 1st Ave – Mesa, AZ
- Loan Amount: $2,100,000
- Purpose: Refinance
- Capital Source: Small Balance Freddie Mac
- LTV: 55%
- Term: 20 Years / 7 Years Fixed
- Rate: 4.89%
- Amortization: 7 Years Interest Only, followed by 30 years
- Prepay: Soft Step Down
241 East 1st Ave is a 46-unit multifamily property located in Mesa, Arizona. The 2-story, garden style asset was built in 1966 and offers residents a mix of 1-bed and 2-bed units with an interior courtyard and pool.
Tower’s client is an experienced private investor who acquired the asset in 2014 for $1.99 million and has spent approximately $300,000 in capital improvements during their ownership tenure.
The low leverage Freddie Mac Small Balance loan provides the borrower with a 7-year fixed rate term at a 4.89% interest rate. Given the low leverage, the lender was able to offer interest only payments during the initial 7-year fixed rate period, which was extremely attractive to the borrower.
About Tower Capital:
Tower Capital was founded to enable owners of commercial real estate to achieve their investment goals with the least amount of time, energy, and cost, while creating surety of execution and peace of mind.
Established in 2015 and headquartered in Phoenix, Arizona, Tower Capital provides customized structured financing to investors throughout the United States. We specialize in debt and equity placement ranging from $2 Million to $100 Million and have financed over $500 Million for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.