Aire Libre Apartments – Phoenix, AZ
- Loan Amount: $4,125,000
- Purpose of Loan: Acquisition
- Capital Source: Freddie Mac
- LTV: 79%
- Term: 10 years
- Rate: 4.53%
- Amortization: 30 years
- Interest Only: 36 months
- Non-Recourse
Transaction Details:
Aire Libre is an 80-unit apartment building located in Phoenix, Arizona. The two story, garden-style property, was originally built in 1985 and is individually metered for electricity. Aire Libre offers residents, 1×1 and 2×1 units, along with common area amenities that include onsite laundry, community swimming pool, and several large courtyards. The property was acquired by a private investors.
Tower Capital was able to increase the loan amount that was originally offered on the loan application by utilizing a hands on approach with the appraiser and working with the lender to increase underwritten NOI by including most up to date operating numbers as the transaction progressed through the financing process.
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.
