Gran Jardin Apartments

Gran Jardin Apartments
Gran Jardin Apartments, Phoenix, AZ

Transaction Details:
Gran Jardin is a one-story apartment community originally built in 1971 and fully renovated in 2012. It consists of 21 individual buildings comprising forty-five (45) total units. The borrower purchased the property in October of 2010. Following the purchase they performed a full renovation to the property which included completely renovating the interior of all of the units (plumbing, electrical, floors, windows, cabinets, appliances, paint, etc.), as well as resurfacing the parking lot, new landscaping, playground, and installation of security gates. The rehabilitation of the asset allowed them to re-tenant the property to create a safe, clean, and quiet community. 

Despite the success of the project and strong cash-flows which it produced, the geographical location and quality of the asset presented inhibitions to many lenders who were turned off by the area. Furthermore, the return of 100% of the borrower’s invested equity, plus the additional cash-out, provided in the loan request created further difficulties in finding a lender who could get comfortable with the transaction. In the end, Tower Capital utilized a life insurance company to provide loan proceeds and structure that were in line with the borrower’s goals and objectives.

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.

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