Apartment Acquisition Perm Loan
- Capital Source: Fannie Mae
- Purpose of Loan: Refinance
- Loan Amount: $6,250,000
- LTV: 55%
- Rate: 3.09%
- Term: 10 Years
- Amortization: Full Term I/O
- Prepayment: 9.75 Year Yield Maintenance
- Recourse: Non-Recourse
Tower Capital recently secured a $6,250,000 loan on a 95- unit multifamily property in Phoenix, AZ. The borrower acquired the asset in 2014 and has since performed significant capital improvements which include a complete exterior and HVAC upgrades. The business plan was successful and the borrower was able to generate a much higher NOI and value over the years.
The 55% LTV loan offers the borrower with a non-recourse 10-year fixed term, interest only for 10 years, at a low rate of 3.09%. The borrower had prepayment sensitivity with his current lender and we were able to rate lock 40 days before closing so the borrower could preserve his rate and not pay a substantial penalty.
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 over $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.