Aster Gardens Apartments is a 28-unit multifamily property located in Phoenix, Arizona. Tower Capital’s client, an experienced Southern California-based investor, acquired the property for $2,025,000 or $72,321 per unit. The borrower plans to continue to renovate the property with updated interiors, landscaping, and other capital improvements in order to reposition the property and increase value.

The $1,620,000 loan secured by Tower Capital through the Freddie Mac Small Balance Program provides the borrower with three years’ interest only payments, to increase already strong, in place cash flows while injecting capital for any continuous improvements.