High Mountain Multifamily Refinance – Tehachapi, CA
- Capital Source: Fannie Mae
- Purpose of Loan: Refinance
- Loan Amount: $3,300,000
- LTV: 55%
- Rate: 3.25%
- Term: 10 Years
- Amortization: Full Term Interest Only Payments
- Prepayment: Yield Maintenance
- Recourse: Non-Recourse
Tower Capital recently secured an $3,300,000 loan on a 56-unit multifamily property located in Adelanto, California. Tower’s client, an experienced private investor with over 6,000 apartment units under ownership, has owned the asset since 2002. Over the past few years, the borrower has renovated the exterior of the property, leading to increased rents and NOI.
Limiting the loan to 55% LTV allowed the borrower to obtain the lowest rate and avoid all COVID-related principal and interest holdbacks. The non-recourse loan offers interest only payments for the life of the term.
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 $1 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.