Terra Vista Palms – Glendale, AZ
- Loan Amount: $6,000,000
- Purpose of Loan: Acquisition
- Capital Source: Bank
- LTV: 70%
- Term: 10 years
- Rate: 4.00%
- Amortization: 30 years=
- Prepay: Step down
Terra Vista Palms is a 138-unit apartment building located in Glendale, Arizona. The two-story, garden-style property, was originally built in 1975 and is individually metered for electricity. Terra Vista offers a good unit mix of studio (5%), one-bedroom (37%) and two-bedroom (58%) units with an average size of 690 square feet. Common-area amenities include onsite laundry, two community swimming pools, covered parking, BBQ picnic areas and a children’s playground.
The property was acquired by an experienced, Canadian-based, private investor with other Arizona assets. They have been investing in the valley since 2013 and are a repeat client of Tower Capital. They plan to add value to the property through tightening up operations and gradually increasing rents.
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.