Multi-Tenant Retail Center – Phoenix, AZ
- Capital Source: Private Money
- Purpose of Loan: Refinance
- Loan Amount: $3,540,000
- Term: 18 Months
- Amortization: Interest Only Full Term
- Prepayment: 9 Months Minimum Interest
Tower Capital recently arranged $3,540,000 for the refinance of the Alta Vista Shopping Center, a Dollar General-anchored property located in Phoenix, AZ. This 18-month bridge loan allowed the borrower to pay off an existing loan and provided additional proceeds in order to execute property improvements.
Although the property was over 90% occupied at closing, there still was significant value locked up in the property including two vacant pads. The borrower plans to entitle a portion of that area into 14,000 square feet of additional storage space, and then divest all of the storage portions of the property. The lender provided the borrower a partial release provision, which delivers flexibility to sell the storage component, without paying off the full loan.
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, we provide 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 nearly $2 Billion for clients since inception. We were ranked 1,850 on Inc. 5000’s 2021 list of fastest growing private companies in America. Our team focuses on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.