Black Canyon Multifamily Refinance – Phoenix, AZ
- Capital Source: Bank
- Purpose of Loan: Refinance
- Loan Amount: $3,500,000
- LTV: 75%
- Rate: 3.75%
- Term: 10 Years
- Amortization: 30 Years
- Prepayment: 5/4/3/2/1
- Recourse: Recourse
Tower Capital arranged a $3,500,000 refinance of a 59-unit multifamily property in Phoenix, AZ. The borrower purchased this 1964 built property in July, 2019. He is an owner/manager and has made significant upgrades to the properties throughout his ownership including putting on a new roof, resurfacing the parking lot, and upgrading all the interiors.
The borrower is a long-term holder and was seeking the lowest fixed interest rate that the market will offer. Since the loan amount did not qualify for conventional Agency financing, a regional bank based out of Colorado was able to offer the most competitive terms. Tower Capital was able to secure a 10-year fixed loan at a 3.75% interest rate.
We were fortunate to work with very experienced players on both the principal and lender side for this transaction. This was a full recourse loan, so the initial documentation needed was substantial however the total process from signed LOI to close, took a total of 41 days.
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 have financed over $1.3 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.