Harris Place is a 48 unit “C” class multifamily property located in Mesa, AZ. The two-story, 1987-vintage property is located in the central Mesa submarket and comprised of block construction and flat roofs. The property provides a unit mix of 30 studios and 18 one bedroom units. The borrower acquired the asset as a distressed property in January 2016 for $1,125,000. In June 2016, Tower Capital provided a cash-out refinance of $1.2 million through a local bank, on a short term basis.
Part of the loan proceeds were used for completion of capital improvements including new exterior paint, landscaping, installation of community gazebo, and interior unit upgrades. These improvements allowed the borrower to increase rents, NOI and value. Upon stabilization, Tower Capital secured a new small balance Freddie mac loan, netting significant cash back to the borrower, which will be applied towards additional improvements to the property, as well as other investment opportunities.
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.