Alta Vista Shopping Center and Storage

  • Retail Loan – 47,000 SF
  • Capital Source: Credit Union
  • Purpose of Loan: Refinance
  • Loan Amount: $3,526,250
  • Rate:  5.75%
  • Term: 10 Years
  • Amortization: 25 Years
  • Prepay Penalty: None
  • Storage Loan – 16,680 SF
  • Capital Source: Private Money
  • Purpose of Loan: Refinance
  • Loan Amount: $450,000
  • Term: 12 Months
  • Amortization: Interest Only Full Term
  • Minimum Interest: 6 Months
  • Recourse: Partial Recourse, top 25%

Transaction Details:

Tower Capital recently arranged the refinance of the Alta Vista Shopping Center located in Phoenix, AZ. The project consist of a 47,000 sq. ft. multi-tenant, neighborhood, shopping center anchored by a Dollar General, along with a 16,000 sq. ft. self-storage facility containing 70 rentable units.

Tower Capital had previously arranged a bridge loan on behalf of the sponsor to recapitalize the project in order to provide additional funds for operations and towards property improvements. As the loan approached maturity, Tower’s client was ready to obtain permanent financing on the retail portion, while seeking a new bridge loan on the self-storage portion of the project as they move through entitlements to possibly expand and create additional storage space.

In order to meet the borrower’s objectives, Tower Capital secured a 10-year fixed rate loan with a local credit union at 5.75% and no prepayment penalty for the retail, and a 12-month, private money, bridge loan for the storage.

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 $3 million to $300 million and has financed in excess of $2.5 billion for clients since inception. Tower Capital focuses on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.