Multifamily Acquisition & Rehabilitation – Phoenix, AZ
- Capital Source: Private Lender
- Purpose of Loan: Acquisition & Rehabilitation
- Loan Amount: $2,906,250
- LTC: 80%
- Rate: 8.75%
- Term: 18 months
- Amortization: Interest Only
- Prepayment: None
Tower Capital recently facilitated $2,906,250 in acquisition financing for the purchase of the 27-unit Mojave Apartments multifamily property located in Phoenix, AZ. Mojave Apartments is a partially renovated, 27-unit, low-rise apartment community situated along the I-17 corridor, just south of MetroCenter and North Mountain Village; both highly amenitized areas with ample dining, retail, entertainment, health and wellness, and daily-need destinations in close proximity to one another. Mojave is comprised of 24 studios, two (2) one bedroom/one bathroom unit and one (1) two bedroom/one bathroom unit.
The borrower intends to make significant capital improvements to both the exterior property and unrenovated interior units and utilize a reputable local property management company to capitalize on implementing operational efficiencies via their significant management expertise.
Tower Capital was able to successfully source the bridge financing on behalf of the borrower within an extremely critical timeframe. Tower 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 $200 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.