The subject property is a 9,874 square foot, two-story, historic multi-tenant building originally constructed in 1912. The historic property was once home to the Tempe National Bank and sits in a AAA location at the northwest corner of S. Mill Avenue and E. 6th Avenue. Mill Avenue is home to a concentration of restaurants, bars, and shopping destinations that forms the backbone of the Arizona State University tourist and nightlife scene. The property is located just yards away from the 375-unit luxury apartment property West 6th, a major landmark of the Tempe skyline, and across from Urban Outfitters and two of the most popular bars on Mill Ave, El Jefe and Whiskey Row. The building is owned by an experienced out of state real estate investment, development, and management company with offices in Calgary and New York.
The sponsor’s investment objectives for the loan was to secure the lowest interest, fixed rate loan, with a flexible prepayment and non-recourse. Tower Capital was able to utilize their deep relationships and knowledge of local banks to find a lender who could accommodate the loan structure and also get comfortable with the brand new, non-credit, restaurant who will be the main tenant for at the property.
