- Capital Source: Bank
- Purpose of Loan: Acquisition
- Loan Amount: $1,700,000
- LTV: 47%
- Rate: 3.10%
- Term: 5 Years
- Amortization: 30 Years
- Prepayment: Stepdown (3,3,2,2,1%)
Tower Capital recently facilitated $1,700,000 in acquisition financing for the purchase of the 8-unit, fully renovated Matera Villas multifamily property situated in the heart of South Scottsdale, directly adjacent to the Skysong Innovation Center. The Skysong Innovation Center is a Class A mixed-use project that houses numerous Fortune 500 office tenants and features an abundant mix of restaurant, retail, health and wellness, and daily-need amenities within the project. The unit mix consists of four (4) two-bedroom/two-and-a-half-bathroom units, with the remaining four (4) units as three-bedroom/two-and-a-half-bathroom units. Prior ownership made significant capital improvements to the property including upgrades to the interior unit finishes and additions of stainless-steel appliances, in-unit washer/dryer, upgraded hardware, renovated restrooms, as well as exterior landscaping improvements and new covered tenant parking.
The borrower intends to hold onto the property long-term and capitalize on robust submarket fundamentals and rising rental rates for comparable fully renovated properties of a similar unit count in the immediate area.
Tower Capital was able to successfully source the acquisition financing on behalf of the borrower within an extremely critical timeframe and identified an out-of-market bank that provided an extremely competitive quote as this particular lender actively seeks to capture an increased market share of Phoenix multifamily lending. 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.