Apartment Acquisition Financing
- Capital Source: Fannie Mae
- Purpose of Loan: Refinance
- Loan Amount: $8,450,000
- LTV: 55%
- Rate: 2.97%
- Term: 10 Years
- Amortization: Full Term I/O
- Prepayment: 9.75 Year Yield Maintenance
- Recourse: Non-Recourse
Tower Capital helped arranged a cash out refinance of a 118- unit multifamily property in Glendale, AZ that was built in 1973. The borrower has owned this two-story walk up since October, 2003, and has made major improvements over the past 3 years, including installing washer and dryers in every unit and redoing all the landscaping.
Our client is a very experienced, Phoenix-based, real estate investor who was looking to take advantage of today’s low interest rate environment by locking in a long-term fixed rate. Additionally, he was able to recoup some equity out of the property to be used towards other investment opportunities.
Tower secured a Fannie Mae loan that provided the borrower with a non-recourse, 10-year, fixed term at 2.97%, interest only for the entire term.
Every loan has its nuances and challenges to overcome, this property was originally platted as a condo property when built and we had to navigate getting every parcel evaluated properly without doing a survey. This transaction took 64 days from start to finish and we were very pleased with the team effort that took place with all the designated parties involved.
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 $300 Million and have financed $2 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.