Financing Amount:
Capital Source:
Fannie Mae
Transaction Details:

Tower Capital successfully placed a $13,500,000 refinance loan on a 144-unit multifamily property located in Glendale, AZ.  The borrower purchased the gated community in May 2011 and has since performed extensive renovations including new granite counter tops, new washer and dryer sets, and stainless steel appliances.

The borrower was seeking a maximum cash out refinance and was able to qualify for a Fannie Mae conventional loan. Tower Capital was able to secure a 12-year fixed loan at a 3.33% interest rate, which was 9 basis points lower than on the original loan application. The first three years of the loan were interest only, followed by a 30-year amortization schedule.

Navigating through COVID brought challenges for all parties involved however from beginning to close, the process lasted only 45 days. The borrower resides in Canada which added another layer of tasks,  but overall it was a very straight forward transaction and we were pleased to help the borrower achieve their goals. Tower Capital worked very closely with the appraiser to ensure maximum possible value and loan proceeds and was able to secure loan dollars $200,000 over the original amount issued on the loan application.

recent transactions


15333 N. Pima Road
Suite 375
Scottsdale, AZ 85260
AZ CMB-0928926


2626 Cole Ave
Suite 300
Dallas, TX 75204

Los Angeles

1801 Century Park East
24th & 25th Floors
Los Angeles, CA 90067
CA DRE-02237859
Copyright © 2024 All Rights Reserved Tower Capital | Website Developed by Connect Creative
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram