Financing Amount:
Acquisition & Rehabilitation
Phoenix, AZ
Capital Source:
Private Lender
Transaction Details:

Tower Capital recently facilitated a $7,200,000 bridge loan for the acquisition of the 22-unit Maryland Palms and 44-unit Canyon Greens multifamily properties located directly adjacent to each other in North Phoenix.  Maryland Palms and Canyon Greens are two low-rise multifamily properties situated along the Interstate-17 corridor, just south of MetroCenter and North Mountain Village; both highly amentized areas with an ample dining and shopping base. Canyon Greens is comprised of 44 units, of which there are two (2) studios, thirty-eight (38) one bedroom/one bathroom and four (4) two bedroom/one bathroom floorplans. Maryland Palms is comprised of one (1) studio, nineteen (19) one bedroom/one bathroom and two (2) two bedroom/two bathroom floorplans.

The borrower, who purchased the property in an off-market transaction, intends to make significant capital improvements to the two properties with the ultimate goal of combining the totality of the 66 units between both properties to create one larger property under a single name. The proposed capital expenditure includes painting all three buildings the same color, re-painting all of the interior units, a complete remodel of the landscaping and pool areas, replacement of all windows, the installation of in-unit washer/dryers and replacing the vanity, toilet and tub located in each individual unit.

The short-term bridge loan provided the borrower with a loan amount equal to 80.8% 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 3-weeks.

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