Multifamily Acquisition Loan – Glendale, AZ
- Capital Source: Freddie Mac
- Purpose of Loan: Acquisition
- Loan Amount: $3,419,000
- LTV: 70%
- Rate: 3.55%
- Term: 5 Years Fixed
- Amortization: Interest Only 12 months, then 30 Years
- Prepayment: Step-down
- Recourse: Non-Recourse
Tower Capital recently financed the acquisition loan for a 42-unit multifamily property located in Glendale, Arizona. The property is comprised of two-story walk-up buildings surrounding a central community swimming pool and playground. The borrower is an experienced, local, multifamily investor who plans to update the unit interiors, as well as install washer/dryers, to increase rents at the property.
The Freddie Mac Small Balance Loan arranged by Tower offered a 5-year fixed interest rate of 3.55% based upon a 30-year amortization schedule and twelve months of interest-only payments. The step-down prepayment structure allows for some flexibility should the borrower wish to divest of the asset during the loan term.
Due to COVID-19, the Freddie Mac Small Balance program has tightened up its credit standards, causing extra focus on borrowers’ experience and portfolio. The advisors at Tower Capital always work diligently to ensure their clients’ experience and financial strength are always highlighted and shown in the best light to effectuate optimal results.
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 $300 Million and have financed over $1.2 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.