Financing Amount:
Cash-out Refinance
Capital Source:
Transaction Details:

Windsor Palms is a 148 unit multifamily property located at 2990 West Thunderbird Rd in Phoenix Arizona. The property was originally built as a hotel in 1978 and then converted to an apartment project in 1988. The borrower took over complete management of the property in 2013 with an option to purchase from the existing ownership. During the borrower’s tenure managing the property they oversaw significant capital improvements and doubled the NOI in a couple of years’ time. In January 2016, the borrower officially took title to the property with a $4.5 million short term acquisition loan.

The $5,270,000 loan secured by Tower Capital provided the borrower with close to $800,000 cash out which was used to recoup costs of capital improvements and be applied towards other investment opportunities. In addition, the interest only payments offer higher cash flows that the borrower found attractive.

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