Multifamily Acquisition, Phoenix, AZ
- Capital Source: Bank
- Purpose of Loan: Acquisition
- Loan Amount: $1,800,000
- LTV: 60%
- Rate: 3.5%
- Term: 10 Years
- Amortization: 30 Years
- Prepayment: Step-down
- Recourse: Non-Recourse
Cactus28 is comprised of seven adjacent, two-story, fourplexes located in central Phoenix. All of the units are two-bed / one-bath units. The new ownership plans to renovate the exterior and interior of the project in order to increase NOI and add value.
The 10-year, non-recourse bank loan provides a low rate of 3.5% which is fixed for years one through five of the initial loan term, and then the rate floats, or can be reset, for the next five years of the total ten year loan. A stepdown prepay allows for flexibility, should the borrower wish to sell the asset after completing the remodel.
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 $3 Million to $300 Million and have financed over $1.3 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.