MULTIFAMILY AQUISITION LOAN – PHOENIX, AZ
- Capital Source: Bank
- Purpose of Loan: Acquisition
- Loan Amount: $1,537,500
- LTV: 75%
- Rate: 5.49%
- Term: 5 Years Fixed / 25 Year Term
- Amortization: 25 Years
- Prepayment: None
Tower Capital recently financed the acquisition of a 10-unit multifamily property located in Phoenix, Arizona. The property is comprised of all 2 Bed / 1 Bath units, and is well located in North Phoenix. The interiors had been updated, and Tower’s client plans on increasing the value by upgrading the exterior.
Tower’s client wanted a fixed rate permanent loan, but the property’s historical financials didn’t support a typical permanent loan at 75% LTV. On top of that, the property had 2 units vacant, bringing the occupancy down to 90%. Tower Capital found a lender that could underwrite a permanent loan today, based on the future proforma by the borrower. As an added bonus, there is no pre-payment penalty, allowing the borrower to sell or refi at any time he chooses. In summary, this loan provided the advantage of a perm loan with a fixed rate, along with the proceeds and flexibility of a bridge loan. This is the fifth loan Tower Capital has structure for this client.
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 $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.