STAX Apartments – Las Vegas, NV
- Capital Source: Fannie Mae
- Purpose of Loan: Refinance
- Loan Amount: $2,500,000
- LTV: 55%
- Rate: 3.02%
- Term: 7 Years
- Amortization: Full Term I/O
- Prepayment: 1 year lock-out
- Recourse: Non-Recourse
Tower Capital arranged a $2,500,000 refinance of a 44- unit multifamily property in Las Vegas, NV. The borrower has owned this two story walk up since 2019 and improved the property’s exterior and interior over the past two years. The borrower wanted to take advantage of market conditions and take money out to start a new project.
The small balance Fannie Mae loan provided the borrower with a 7-year fixed term at 3.02%. The borrower’s number one priority was locking in a long term, fixed rate, with interest only. At 55% LTV, we were able to secure a full term interest only loan.
The COVID-19 global pandemic has caused challenges that Tower and their partners have adapted too soundly. The combination of the borrower being a seasoned real estate professional, a repeat client, and utilizing our most reliable lending relationship, made the transaction very seamless.
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 $3 Million to $300 Million and have financed over $1.3 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.