Financing Amount:
Acquisition & Rehabilitation
Phoenix, AZ
Capital Source:
Debt Fund
Transaction Details:

Tower Capital recently facilitated a $7,000,000 bridge loan for the acquisition and rehabilitation of the 66-unit, low-rise, urban Portofino multifamily property. Originally a Best Western Inn & Suites hotel that was converted into a multifamily use, the property boasts 66 units, 65 of which are one bedroom/one bathroom units, with a single unit featuring a two bedroom/one bathroom floorplan. Portofino is highlighted by onsite tenant storage, community pool, interior unit renovations and its close proximity to the amenity bases of the immediate Sky Harbor area, Downtown Phoenix and Tempe. Portofino’s retro-style community appeal assimilates itself well into the artsy, boutique retail, restaurant and entertainment amenities located just down the road.

The borrower, who purchased the property in an off-market transaction, intends to capitalize on bringing below-market rents up to market and taking advantage of significant capital improvements from a few years ago. There is additional value-add opportunity to replace the in-unit flooring, replace all windows, upgrade the landscaping and pool area, install in-unit stacked washer/dryer units, as well as installing water heaters into each individual unit.

The short-term bridge loan provided the borrower with a loan amount equal to 75% of the total acquisition and rehabilitation cost, as well as a flexible prepayment structure to meet the borrower’s investment objectives.

Tower Capital was able to successfully source the bridge financing on behalf of the borrower within an extremely critical timeframe. Tower generated a competitive lending environment, which ultimately delivered the best pricing and terms for the borrower and was able to successfully close the transaction within 4-weeks.

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