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Tower Capital recently facilitated $1,250,000 in acquisition financing for the purchase of 22 condominium units within the Lake Point Village project situated in Downtown Tempe. The 22 units came with declarant rights, meaning the borrower will have full control over the entire 56-unit project. The 22 units have been fully and extensively renovated to feature granite countertops, designer cabinetry, built-in microwaves, upgraded appliances and stacked in-unit washer/dryers.  Seventeen of the 22 units are one-bedroom/one-bathroom units, with the balance of the units as two-bedroom/two-bathroom units. 

The borrower, who purchased the property in an on-market transaction, intends to capitalize on dynamic rental growth occurring in the Downtown Tempe submarket and bring the remaining units up to current market rental rates, while also implementing operational efficiencies through the borrower’s existing management expertise. Included in the 22-unit offering is a small lot space which is suitable for the development of an additional 8 units, which the borrower has the ability to capitalize on with full HOA control.

The 10-year acquisition loan provided the borrower with a full-term fixed interest rate of 3.5% based upon a 37.1% loan-to-value. Tower Capital was able to successfully arrange the financing on behalf of the borrower within a critical timeframe and have nearly a dozen lenders competing for the deal, which ultimately proved the most competitive pricing and terms for the borrower.

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