Monte Vista & Mellow Square – Phoenix, AZ
- Loan Amount: $1,216,000
- Purpose of Loan: Cash-Out Refinance
- Capital Source: Bank
- LTV: 75%
- Term: 5 Years
- Rate: 3.85%
- Prepayment: 3-2-1
Monte Vista and Mellow Square are two, 16-unit, multifamily properties located in Phoenix, Arizona. The mismanaged properties were acquired by the borrower in March of 2016 for a combined total of $1,010,000. Following the acquisition, the borrower performed several renovations to both properties which include, new paint, parking lot resurfacing, updated landscaping, and overall re-branding of the assets.
The $1.26 million loan provided by a regional bank, was used to pay off the existing, short term acquisition loan, and provide cash back to the borrower.
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.