Multifamily Acquisition – Mesa, AZ
- Capital Source: Fannie Mae
- Purpose of Loan: Acquisition
- Loan Amount: $1,040,000
- LTV: 55%
- Rate: 3.70%
- Term: 12 Years
- Amortization: 1 Year Interest Only, Followed by 30 Year Am
- Prepayment: Yield Maintenance
- Recourse: Non-Recourse
Tower Capital recently secured an $1,040,000 acquisition loan for a 13-unit multifamily property located in Mesa, AZ. Situated near a number of area amenities, including Falcon Field airport and Gene Autry Park, the property consists of a mix of studio, one, and two-bedroom units. The property was 100% leased at acquisition, and represents the first apartment investment for the borrower, who plans to grow their multifamily portfolio.
The non-recourse Fannie Mae Small Balance Loan provides the borrower with a low interest rate of 3.7% that is fixed for 12 years. The first year is interest only, followed by a 30 year amortization schedule thereafter, and is perfect for the long-term investor seeking to benefit from cash flow and future appreciation.
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 $1 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.