Financing Amount:
Capital Source:
Transaction Details:

Tower Capital secured financing for a California client completing a 1031 exchange. The borrower acquired Palmetto Cottages, an 11-unit multifamily property in Phoenix, AZ. The mid-century, single story complex went through a heavy renovation in 2019 that included full interior and exterior rehab. Our client had three main objectives with this transaction, certainty of close within 65 days, prepayment flexibility, and an interest rate under 4%. Tower Capital engaged multiple local and regional banks and was able to achieve every objective.

The loan we secured was a 10-year fixed term, amortized over 25 years at 3.92% with a step down prepay.

With the COVID-19 global pandemic, borrower living out of state, and uncertainty in the market, we chose a lender that the borrower had a previous relationship with. The borrower is a seasoned real estate investor and the loan originator at the bank was extremely proactive and a pleasure to work with. Collectively, we were able to close the transaction in less than 60 days.

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