Resort on 27th Avenue – Phoenix, AZ
- Loan Amount: $19,381,000
- Purpose of Loan: Cash-Out Refinance
- Capital Source: Freddie Mac
- LTV: 68%
- Term: 7 Years
- Rate: 4.13%
- Amortization: 30 Years
- Interest Only: 1 Year
The Resort on 27th Ave is a 468 unit multifamily property located in Phoenix Arizona. The borrower acquired the asset in March 2015 as a distressed REO for $13,912,500. Since acquisition, the borrower has spent close to $650,000 on capital improvements which include parking lot resurfacing, new landscaping, common area renovations to pool, recreation room, gym, office and playground, as well as new lighting, signage and an overall rebranding of the property.
The loan amount secured by Tower Capital represents a significant cash out to the borrower after only a few years of ownership. The loan proceeds were used to return equity back to the borrower and their investors, as well as provide funds for future investments.
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.