Multifamily Portfolio Refinance – Mesa, AZ – Apache Junction, AZ
- Capital Source: Local Bank
- Purpose of Loan: Refinance
- Loan Amount: $2,577,500
- LTV: 70%
- Rate: 3.29%
- Term: 10 Years (5+5)
- Amortization: 30 Years
- Prepayment: Stepdown
Tower Capital recently facilitated a $2,577,500 refinance for the 10-unit 44 May and 27-unit Royal Meridian multifamily properties located in Mesa, AZ and Apache Junction, AZ, respectively. Both properties are recently renovated, low-rise multifamily projects situated in close proximity to an ample dining, retail, entertainment, health and wellness, and daily-need amenity base.
The out-of-country borrower intends to utilize the loan proceeds from the cash-out refinance to pay off existing debt and pursue similar multifamily investment opportunities in the Phoenix area to assimilate into their portfolio of other long-term hold assets.
Tower Capital was able to successfully source aggressive pricing and terms from a local bank on behalf of the borrower, who is based outside of the United States. Tower’s client is now a repeat borrower for the lender. Tower generated a competitive lending environment with nearly 20 lenders quoting on the opportunity, which ultimately delivered the best pricing and terms for the borrower based upon their investment objectives for this portfolio.
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.