Clarendon Avenue Assemblage – Phoenix, AZ
- Loan Amount: $1,098,500
- Capital Source: Bank
- Purpose of Loan: Acquisition/Assemblage
- LTC / LTV: 65%
- Term: 5 years
- Prepayment Penalty: None
Tower Capital assisted in the successful assemblage of seven (7) parcels totaling 2.14 acres in Phoenix, Arizona. The parcels are located approximately 1.5 miles south of the prestigious Biltmore Esplanade and Biltmore Fashion Park. The borrower plans to entitle the property for a higher density townhome project.
The site currently consists of one 12-plex and five triplexes, all fully leased. The project was underwritten as a standard multifamily transaction with loan proceeds supported by the in-place cash flows produced by the combined 27 units. These cash flows will also benefit a future developer during any preconstruction phases.
Tower Capital ensured our client obtained the loan proceeds they were seeking by proactively working with both the lender and appraiser to provide sale and rent comparables, capitalization data, and guiding the underwriting process. The absence of a prepayment penalty provides the borrower with the flexibility to sell the property to an end-developer at any point in time in the future.
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.