Multifamily Acquisition Loan – Phoenix, AZ
- Capital Source: Bank
- Purpose of Loan: Cash out Refinance
- Loan Amount: $722,000
- LTV: 75%
- Rate: 3.99%
- Term: 5 Years Fixed / 25 Year Term
- Amortization: 25 Years
- Prepayment: None
- Recourse: Full Recourse
Tower Capital recently financed the cash out refinance of a 7-unit multifamily property located in Phoenix, Arizona. The property is comprised of a mix of 1, 2 and 3 Bed / 1 Bath units, and was fully occupied at closing. The borrower is an experienced, local, multifamily investor who has owned this asset for a while and has significantly increased the NOI.
The bank loan arranged by Tower offered a 5-year fixed interest rate of 3.99% based upon a 25-year amortization schedule. Since this loan does not have a prepayment penalty, it offers maximum flexibility should the borrower wish to divest of the asset or refinance during the loan term should rates continue to fall. Additionally, the lender allowed the borrower to close on the property upon issuance of the certificate of occupancy, but before the property was stabilized.
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.