Emerald Shores Apartments – Phoenix, AZ
- Loan Amount: $10,720,000
- Capital Source: Freddie Mac
- Purpose of Loan: Cash-out Refinance
- LTV: 80%
- Term: 7 Years
- Interest Rate: 1 Month LIBOR + 2.58%
- Amortization: 30 Years
- Interest Only: 1 Year
- Prepay: Lockout year 1 followed by 1% thereafter
Emerald Shores Apartments is a 304 unit multifamily property located in Phoenix, Arizona. Tower Capital’s client, an experienced Los Angeles-based investor, acquired the property in October 2014 from a non-profit organization who was not maximizing the profitability of the asset. Through a reduction in operating expenses and an increase in rents, Tower’s client increased the Net Operating Income and value of the property substantially over a 24 month period.
The $10,720,000 Freddie Mac loan secured by Tower Capital provided the borrower with over $5 million of cash out after all financing costs were paid. The proceeds were used to pay off the existing acquisition loan, provide a return of equity back to the borrower’s investors, provide funds for upcoming capital improvements, as well as down payment money for 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.