Arbor on Broadway – Mesa, AZ
- Loan Amount: $3,400,000
- Capital Source: Freddie Mac
- Purpose of Loan: Cash-out Refinance
- LTV: 75%
- Term: 10 years
- Interest Rate: 4.61%
- Amortization: 30 years
- Prepay: Stepdown
Arbor on Broadway is a 97 unit apartment building located in Mesa, Arizona. Tower Capital’s client, a high net worth, California-based investor, acquired the asset at the bottom of the real estate market in 2010. At the time of acquisition, the property was in disrepair with a poor tenant mix. Over the years, the borrower has performed substantial renovations, both cosmetic along with HVAC, mechanical, and plumbing, and increased NOI and value dramatically.
The $3.4 million dollar loan was used to replace the existing debt and provided the borrower with aproximately $2.2 million dollars of cash back to recoup costs for capital improvements and to be used towards additional investment opportunities.
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.