LakeShore Hotel & Suites – Fountain Hills, AZ
- Loan Amount: $5,375,000
- Capital Source: Bank
- Purpose of Loan: Acquisition & Renovation
- LTC: 65%
- Term: 5 Years
- Amortization: One (1) Year Interest Only / 25 Year Amortization
- Prepay: 3%, 2%, 1%, 0%, 0%
The LakeShore Hotel is a 104-Key midscale hotel located in the heart of Fountain Hills, AZ. The property was originally built in 2005 as a Holiday Inn and converted to a Lexington Hotel in January 2014. Tower’s client, an Arizona-based real estate investment company acquired the asset for $7,645,000 with plans to convert the flag to a Best Western and perform a $1,200,000 renovation to the exterior and interior of the property. The buyer has a strong track record of repositioning assets and recognized an opportunity to maximize the performance of the property through a significant facelift and extensive renovations.
The $5.375 million dollar loan secured by Tower Capital represents approximately 65% of the purchase price and renovation cost. It offers the borrower a 3.91% interest rate, fixed for 5 years with one year of interest only and a 25-year amortization schedule thereafter.
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.