Cash-out Multifamily Refinance – Phoenix, AZ
- Capital Source: Fannie Mae
- Purpose of Loan: Refinance
- Loan Amount: $8,270,000
- LTV: 75%
- Rate: 3.26%
- Term: 12 Years
- Amortization: 3 Years Interest Only followed by 30 Years
- Prepayment: Yield Maintenance
- Recourse: Non-Recourse
Tower Capital successfully placed a $8,270,000 refinance loan on a 62-unit multifamily property located in Phoenix, AZ. First completed in 1969, the property is comprised of block construction and individually metered for electricity. The borrower is an experienced private investor based in Alberta, Canada, who owns other Phoenix multifamily properties. The borrower acquired the asset in September 2016 and has since renovated 100% of the units, along with exterior upgrades.
Tower’s client was seeking a maximum cash out refinance and was able to qualify for a Fannie Mae conventional loan. Tower Capital was able to secure a 12-year fixed loan at a 3.26% interest rate, which was 20 basis points lower than on the original loan application. The first three years of the loan are interest only, followed by a 30-year amortization schedule.
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 $1 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.