Ridgeview Multifamily Refinance – Adelanto, CA
- Capital Source: Fannie Mae
- Purpose of Loan: Refinance
- Loan Amount: $4,950,000
- LTV: 55%
- Rate: 3.25%
- Term: 10 Years
- Amortization: Full Term Interest Only Payments
- Prepayment: Yield Maintenance
- Recourse: Non-Recourse
Tower Capital recently secured an $4,500,000 loan on a 96-unit multifamily property located in Adelanto, California. Tower’s client is an experienced private investor who currently owns and operates over 6,000 apartment units throughout the southwestern US. The borrower acquired the property in 2012 in an all cash REO purchase. At the time of acquisition, the property was in complete distress with only 20% occupancy. The borrower has spent about $480K in capex to improve and stabilize the property.
Limiting the loan to 55% LTV allowed the borrower to obtain the lowest rate and avoid all COVID-related principal and interest holdbacks. The non-recourse loan offers interest only payments for the life of the term at a very low fixed rate of 3.25%.
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.