Financing Amount:
Cash-Out Refinance
Capital Source:
Fannie Mae
Transaction Details:

Arrowhead Estates is a 242-unit multifamily property located in North Little Rock, Arkansas. Tower Capital assisted the borrower, an experienced private group based in Los Angeles with value add multifamily assets throughout the country, in securing a $5,700,000 long-term, fixed-rate loan, from Fannie Mae. The loan proceeds provided a complete return of equity, plus cash back, to the borrower and their investors.

The project was built in 1973 and features common area amenities such as a swimming pool, basketball court, and playground. The property was acquired by the borrower in December 2014 through a non-performing note purchase from HUD for approximately $2.7 million. At the time of acquisition, the property suffered from high vacancy and deferred maintenance. Through an extensive renovation plan and selecting a strong, local property management company, the borrower was able to stabilize the property and boost NOI significantly.

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