Dwell at Regency Apartments – Tempe, AZ
- Loan Amount: $3,300,000
- Capital Source: Freddie Mac SBL
- Purpose of Loan: Cash-Out Refinance
- LTV: 75%
- Term: 10 Years
- Interest Rate: 4.01%
- Amortization: 30 Years
- Interest Only: 3 Years
- Prepay: Yield Maintenance
Dwell at Regency Apartments is a 44 unit, “A” class, multifamily property located in Tempe, Arizona. The project is walking distance to Arizona State University and has a tenant base consisting of students, university faculty, and young professionals. The property was originally built in 1963 and consists of block construction. In 2006 the property was fully renovated by the previous ownership, an architect by trade. In 2012 the property was acquired by Tower Capital’s client, a Southern California based private real estate investor, for $3.3 million.
The $3,300,000 loan secured by Tower Capital through the Freddie Mac Small Balance Loan (SBL) program provided the borrower with a significant interest rate reduction, along with close to $1 million in cash out which will be applied towards additional investment opportunities. The non-recourse loan offers the borrower with 3 years on interest only payments and 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 $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.