Grand Canal Villa – Phoenix, AZ
- Loan Amount: $1,200,000
- Purpose: Cash-out Refinance
- Capital Source: Bank
- LTV: 62%
- Term: 10 Years
- Rate: 4.15% fixed for 5 years
- Prepay: Stepdown
- Non-Recourse
Transaction Details:
Grand Canal Villa is a 19-unit, “B” class, garden-style multifamily property located at 1110 E Turney Avenue in Phoenix, Arizona. Tower Capital’s client, an experienced, local, multifamily value-add investor, acquired the asset in June 2018 for $1.2 million. The borrower then spent approximately $250,000 on capital improvements which included a complete exterior and interior renovation of the asset.
The low interest, fixed-rate loan provided by Tower Capital was used to replace the borrower’s existing acquisition debt, recoup costs for capital improvements, cover financing costs, and provide cash back for additional investments. The loan offers an initial 5-year fixed rate term at 4.15% and then adjusts to no greater than 4.65% for years 6-10, with a 3-2-1-1-1-1-1-1-1-.05 prepayment structure.
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.
