Multifamily Acquisition & Rehabilitation
- Capital Source: Private Lender
- Purpose of Loan: Acquisition & Rehab
- Loan Amount: $1,655,000
- LTC: 75%
- Rate: 9.99%
- Term: 18 Months
- Amortization: Interest-Only
- Prepayment: YM (6 Months)
Tower Capital recently facilitated $1,655,000 in short-term acquisition financing for the purchase of a 36-unit multifamily property situated along Zuni Rd, just NE of the Albuquerque International Airport. The property boasts extremely close proximity to an abundant mix of restaurant, retail, health and wellness, and daily-need amenities within a short commute. The unit mix consists of 33 one-bedroom/one-bathroom units with the remaining three (3) as two-bedroom/one-bathroom units, with an average unit square footage of 659 square feet. The property is currently unrenovated and the sale of the asset reflects the sellers’ final disposition in Albuquerque as they exit the market.
The borrower intends to make significant capital improvements to the interior units and exterior of the property and re-brand the project. They will utilize their own property management company in order to increase efficiencies and leas up the project as quickly as possible.
Tower Capital was able to successfully source the financing on behalf of the borrower in an extremely critical timeframe and generated a competitive lending environment, which ultimately delivered the best pricing and terms for the borrower based upon their investment objectives for this particular asset.
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.