Multifamily Refinance – Phoenix, AZ
- Capital Source: Bank
- Purpose of Loan: Refinance
- Loan Amount: $1,082,000
- LTV: 55%
- Rate: 3.92%
- Term: 10 Years
- Amortization: 25
- Prepayment: Step down
- Recourse: Recourse
Tower Capital secured financing for a California client completing a 1031 exchange. The borrower acquired Palmetto Cottages, an 11-unit multifamily property in Phoenix, AZ. The mid-century, single story complex went through a heavy renovation in 2019 that included full interior and exterior rehab. Our client had three main objectives with this transaction, certainty of close within 65 days, prepayment flexibility, and an interest rate under 4%. Tower Capital engaged multiple local and regional banks and was able to achieve every objective.
The loan we secured was a 10-year fixed term, amortized over 25 years at 3.92% with a step down prepay.
With the COVID-19 global pandemic, borrower living out of state, and uncertainty in the market, we chose a lender that the borrower had a previous relationship with. The borrower is a seasoned real estate investor and the loan originator at the bank was extremely proactive and a pleasure to work with. Collectively, we were able to close the transaction in less than 60 days.
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 $300 Million and have financed over $1.2 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.