Tower Capital Reports Nearly $70 Million in Closings in Past 30 Days
Phoenix, Arizona – It was a stellar month for Tower Capital Organization, an independent structured finance firm based in Phoenix. In the last 30 days alone, the company closed nearly $70 million in loan volume across eight properties in the Southwest.
Tower Capital closed loans across eight properties in Arizona and California. The largest deal last month, Resort on 35th Avenue,is a $17,250,000 10-year loan that closed at a competitive rate of 3.79%. The 272-unit, garden-style apartment complex is located in Phoenix on a 9.79-acre site. It features a clubhouse, tennis and volleyball court, three swimming pools, a spa, two laundry facilities and high-speed internet access. The loan is earmarked for capital improvements including an exterior facelift and rebrand, along with interior renovations in many of the units.
In addition to Resort on 35th Avenue, Tower Capital and its affiliates secured capital for the following projects in the past 30 days:
Casa Sol – $15,390,000 acquisition: A 248-unit multifamily property in Phoenix.
The Park on 57th Avenue – $10,750,000 cash-out refinance: A 128-unit garden-style apartment complex in Glendale undergoing extensive exterior and interior renovations.
Fairfield Inn Scottsdale – $7,500,000 acquisition and renovation: A well-maintained, three-story, 131-key, hotel in North Scottsdale with major renovations planned.
Axis off McDowell – $5,625,000 refinance: A72-unit garden-style apartment complex in Phoenix that recently completed an exterior facelift and interior renovations in many of the units.
Downtown Scottsdale Assemblage – $4,755,000 acquisition/assemblage: Comprising seven multifamily properties totaling 23 units, located on the northern boundary of Scottsdale’s Entertainment District. One of the last areas of downtown Scottsdale that has yet to undergo redevelopment, Tower arranged for its client to acquire the seven properties from six different sellers over a one-month period through multiple escrows under one loan.
Quail Springs Village – $3,500,000 acquisition: A75-unit multifamily property located in Joshua Tree, Calif., with light renovations planned across the complex.
29 Palms – $1,406,000 acquisition: A 53-unit, multifamily property located in Tucson with light renovations planned throughout.
The professionals at Tower Capital have participated in almost every area of the commercial real estate industry including real estate brokerage, mortgage banking, securities, private lending, and development – across all real estate asset classes. The company was recently recognized by National Real Estate Investor as a ‘Top Financial Intermediary’ for total dollar volume of commercial real estate loans arranged.
On the heels of a record-breaking month, Tower Capital and its affiliates are on track to break an annual record, too.
“We are proud to report that we expect to hit more than $400 million in loan volume by the end of 2019,” said Tower Capital Principal Adam Finkel, who serves on Forbes’ 2019 Real Estate Council.
“We continue to work toward growing our market share, honing our processes and exceeding our clients’ expectations, and aim to knock it out of the park again next year,” said Kyle McDonough, principal at Tower Capital.
Since 2015, the firm has been involved in close to $1 billion in successful debt and equity placements on behalf of investors across all major asset classes.
About Tower Capital Organization
Tower Capital Organization 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. Specializing in debt and equity placement ranging from $2 Million to $100 Million, Tower Capital has financed more than $700 Million for clients since inception. Tower Capital focuses on independent financial advising with an entrepreneurial mindset, strategic team approach and personalized attention to every client. For more information about Tower Capital, please visit: http://10.254.253.79/
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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 $700 Million for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.