Multifamily Refinance – Adelanto, CA
- Capital Source: Fannie Mae
- Purpose of Loan: Refinance
- Loan Amount: $1,581,000
- LTV: 55%
- Rate: 3.28%
- Term: 10 Years
- Amortization: 3 Years Interest Only, Followed by 30 Year Am
- Prepayment: Yield Maintenance
- Recourse: Non-Recourse
Tower Capital recently secured an $1,581,000 loan on a 35-unit multifamily property located in Adelanto, California. Tower’s client, an experienced private investor with over 6,000 apartment units under ownership, acquired the asset in 2011. Since then, they have performed moderate capital improvements which include HVAC replacement, along with interior upgrades such as new appliances and flooring. At the time of purchase, the property suffered from low rents and a sub-par tenant mix. Through intense efforts, the borrower replaced the majority of the tenants, increased rents, and raised NOI and value substantially.
Limiting the loan to 55% LTV allowed the borrower to obtain the lowest rate and avoid all COVID-related principal and interest holdbacks.
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 $100 Million and have financed over $1 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.