Select Apartments – Phoenix, AZ
- Loan Amount: $6,936,000
- Capital Source: Bank
- Purpose of Loan: Acquisition
- LTV: 75%
- Term: 5 Years Fixed, 5 Years Floating
- Interest Rate: 3.725%
- Amortization: 27 Years
- Interest Only: 3 Years
- Prepay: 3-2-1
Select Apartments is a 272 unit multifamily property located in Phoenix, Arizona. Tower Capital’s client, an experienced Northern California-based investor, acquired the property for $9,248,000 or $34,000 per unit. The borrower plans to continue to renovate the property with updated interiors, landscaping, and other capital improvements in order to reposition the property and increase value.
The $6,936,000 loan secured by Tower Capital through a regional bank provides the borrower with prepayment flexibility should they wish to sell the property after the repositioning is complete, or refinance to pull cash out to return equity back to their investors.
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.