Acquisition Apartment Financing – Mesa, AZ
- Loan Amount: $9,000,000
- Purpose: Acquisition Loan
- Capital Source: Fannie Mae
- LTV: 77.5%
- Term: 12 years
- Rate: 4.22%
- Amortization: Interest Only years 1-4, followed by 30 yr am
- Prepay: Yield Maintenance
- Non-Recourse
Transaction Details:
Tower Capital has arranged a $9,000,000 acquisition loan on a 97-unit multifamily property located in Mesa, Arizona. The property was originally completed in 1971 and underwent an extensive interior and exterior renovation totaling approximately $18,000 per unit between 2012 and 2014. The gated community features a sparkling swimming pool with lounge areas, heated spa, modern clubhouse, children’s playground, grass courtyards with dog stations, barbeque grills, onsite laundry facility, and ample covered parking.
The non-recourse, Fannie Mae loan offers the borrower a 4.22% interest rate, fixed for 12 years. The loan amount represents 77.5% of purchase price with the first four years being interest only payments, followed by a 30-year amortization schedule.
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 $1 billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.
