Plaza Del Lago Professional Center – Peoria, AZ
- Loan Amount: $1,000,000
- Capital Source: Credit Union
- Purpose of Loan – Cash-Out Refinance
- LTV: 41%
- Term: 15 Years
- Interest Rate: 4.50%
- Amortization: 25 Years
- Prepay: None
Built in 2007, Plaza Del Lago Professional Center as a whole consists of 38,502 square feet of Medical/Office condos in North Peoria ½ mile north of Happy Valley Rd & Lake Pleasant Parkway. Tower Capital’s client began acquiring the office condos in 2011 and currently owns 6 of the office condos, totaling 11,701 square feet, or 30% of the complex.
The $1,000,000 loan secured by Tower Capital through a regional credit union provided the borrower with a return of equity, along with the funds to complete the final build out for Driggs Title, at which point the condos will be 100% occupied. The 15 year loan has an initial fixed rate at 4.50%, with 5 year annual resets, and zero prepayment penalty, providing the borrower with flexibility should they sell the condos.
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 $500 Million for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.