Windsor Palms Apartments - Phoenix, AZ

Windsor Palms Apartments – Phoenix, AZ

  • Loan Amount: $5,272,000
  • Capital Source: Bank
  • Purpose of Loan: Cash-out Refinance
  • LTV 75%
  • Term: 10 Years
  • Amortization: 27 Years
  • Interest Rate: 3.675% fixed
  • Interest Only: 3 Years
  • Prepayment: 2-1-0

Transaction Details:
Windsor Palms is a 148 unit multifamily property located at 2990 West Thunderbird Rd in Phoenix Arizona. The property was originally built as a hotel in 1978 and then converted to an apartment project in 1988. The borrower took over complete management of the property in 2013 with an option to purchase from the existing ownership. During the borrower’s tenure managing the property they oversaw significant capital improvements and doubled the NOI in a couple of years’ time. In January 2016, the borrower officially took title to the property with a $4.5 million short term acquisition loan.

The $5,270,000 loan secured by Tower Capital provided the borrower with close to $800,000 cash out which was used to recoup costs of capital improvements and be applied towards other investment opportunities. In addition, the interest only payments offer higher cash flows that the borrower found attractive.

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.