The View at North Mountain – Phoenix, AZ
- Loan Amount: $3,145,000
- Purpose of Loan: Cash-Out Refinance
- Capital Source: Credit Union
- LTV: 75%
- Term: 5 Years
- Rate: 4.65%
- Prepayment: 3-2-1
The View at North Mountain is a 72-unit multifamily property located in Phoenix, Arizona. The mismanaged property was acquired by the borrower in 2014 for $1.9 million. Following the acquisition, the borrower performed major interior and exterior renovations to the property which include new landscaping & signage, HVAC replacement, new appliances, new tile flooring, new exterior paint throughout the project, furniture, electrical, and roof replacement.
The $3.15 million loan provided by a California-based credit union, provided a full return of equity back to the borrower, along with additional funds to be applied towards future investment 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.