Fairfield Inn – Scottsdale, AZ
- Loan Amount: $7,500,000
- Capital Source: Bank
- Purpose of Loan: Acquisition & Renovation
- LTC: 68%
- Term: 5 Years
- Amortization: One (1) Year Interest Only / 25 Year Amortization
- Prepay: 3%, 2%, 1%, 0%, 0%
Tower Capital secured $7,500,000 in acquisition & renovation financing for The Fairfield Inn located in Scottsdale, Arizona. The asset is a well maintained, 3-story, 131 key, limited service hotel built in 1990 and is located along Scottsdale Road in North Scottsdale.
Tower’s client, an Arizona-based real estate investment company acquired the asset for $10,000,000 with plans to perform a $1,000,000 renovation to the exterior and interior of the property. The buyer has a strong track record of repositioning assets and recognized an opportunity to maximize the performance of the property through a significant facelift and extensive renovations.
The $7.5 million-dollar loan secured by Tower Capital represents approximately 68% of the purchase price and renovation cost. It offers the borrower a 4.15% interest rate, fixed for 5 years with one year of interest only and a 25-year amortization schedule thereafter.
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 $700 Million for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.