Multifamily Refinance Loan – Phoenix, AZ
- Capital Source: Freddie Mac SBL
- Purpose of Loan: Cash out Financing
- Loan Amount: $5,085,000
- LTV: 76%
- Rate: 3.21%
- Term: 5 Years Fixed
- Amortization: 1 Year IO, followed by 30 Year Am
- Prepayment: Step Down
- Recourse: Non-Recourse
Tower Capital recently arranged the financing for a 42-unit, low-rise apartment community located in Chandler Arizona. The property was constructed in 1973 of wood frame and stucco and received a modern exterior renovation in 2017. The unit mix consists of (5) studio units, (20) one-bedroom / one-bath units and (17) two-bedroom / two-bath units. Each unit is individually metered for electricity and features a large patio/balcony and yards are available in select units. The community provides residents with spacious courtyard, dog park, tranquility garden, covered parking, barbecue grills, ramada and laundry facility. The majority of buildings are single-level construction.
The 5-year fixed rate, non-recourse Freddie Mac Small Balance Loan offers the borrower a low fixed rate for 5 years, and includes interest only payments for the first year. The step-down prepayment penalty offers the borrower a cost effective way to sell or refinance the loan before the end of the 5 year term.
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 $3 Million to $300 Million and have financed over $1.3 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.