Tower Capital arranged more than $21.3 million in combined acquisition financing for four multifamily properties in Arizona.
The transactions involve the Portofino in Phoenix, the Hayden Apartments in Scottsdale, the Filmore Apartments in Phoenix and the Santa Carolina Apartments in Nogales, AZ.
Tower Capital’s Adam Finkel, CCIM, Principal, said, “The multifamily sector continues to attract strong lender interest, especially in the Metro Phoenix market. Population and business growth over the past 18-months has fueled market activity and demand for affordable workforce housing. The financing will allow the sponsors to achieve their investment objectives in a time- and cost-efficient manner.”