Waterfront Apartments – Phoenix, AZ
- Loan Amount: $14,280,000
- Purpose of Loan: Cash-Out Refinance
- Capital Source: Freddie Mac
- LTV: 70%
- Term: 7 Years
- Rate: 4.22%
- Amortization: 30 Years
- Interest Only: 1 Year
Waterfront Apartments is a 288 unit multifamily property located in Phoenix, Arizona. Originally built in 1980 and renovated in 2006, and then again between 2015-2017. Our client, an experienced multifamily operator with over 4,400 units under ownership, acquired the asset in August 2015 for $10,500,000.
At the time of purchase, the un-stabilized asset was acquired as an REO through auction.com. Since acquisition, the borrower has spent approximately $350,000 in additional renovations, which include: new landscaping and signage, HVAC and asphalt replacement, new tile flooring, exterior paint, furniture, electrical, and roof replacement.
The loan amount secured by Tower Capital represents a significant cash out to the borrower after only a few years of ownership. The loan proceeds were used to return equity back to the borrower and their investors, as well as provide funds for future investments.
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.