The Quails Apartments – Tucson, AZ
- Loan Amount: $8,032,000
- Purpose of Loan: Acquisition
- Capital Source: Fannie Mae
- LTV: 66%
- Term: 7 Year ARM
- Amortization: 30 Years
- Interest only: 3 Years
- Prepay: 12 month lockout followed by 1% thereafter
The Quails is a 288 unit apartment property located in Tucson, Arizona. The project was originally completed in two, 144 unit phases, between 1984 and 1985. Tower’s client is an experienced, Southern California-based, private investor with a portfolio consisting of approximately 5,000 multifamily units throughout the southwestern US.
The Fannie Mae loan arranged by Tower Capital will allow the borrower to complete an exterior facelift to the asset, as well as update the interior of the units, allowing them to increase rents, NOI, and value. Upon completion of the business plan, the borrower will either sell the asset, or refinance to pull cash out reinvest into additional opportunities.
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.