Hillcrest Arms Apartments – Phoenix, AZ
- Capital Source: Freddie Mac
- Purpose of Loan: Refinance
- Loan Amount: $1,376,000
- LTV: 55%
- Rate: 3.47%
- Term: 10 Years
- Amortization: Full Term I/O
- Prepayment: 9.75 Year Yield Maintenance
- Recourse: Non-Recourse
Tower Capital arranged a $1,376,000 refinance of a 27- unit multifamily property in Phoenix, AZ. The borrower has owned this two story walk up since February, 2014, and has improved every unit in the property over the past 8 years. The borrower intends to keep this property as a legacy asset and wanted to take advantage of market conditions.
The small balance Freddie Mac loan provided the borrower with a 10-year fixed term at 3.47%. The borrower’s number one priority was locking in a long term, fixed rate, with interest only. At 55% LTV, we were able to secure a full term interest only loan.
Rent collections were carefully tracked and analyzed throughout the process. Having established relationships with appraisers, inspectors, and title was critical given the current conditions caused by COVID-19. The borrower had a complex entity structure that took time to sort through and the transaction was closed in less than ninety days.
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 $3 Million to $300 Million and have financed over $1.3 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.