Financing Amount:
Cash-Out Refinance
Capital Source:
Freddie Mac SBL
Transaction Details:

Dwell at Regency Apartments is a 44 unit, “A” class, multifamily property located in Tempe, Arizona. The project is walking distance to Arizona State University and has a tenant base consisting of students, university faculty, and young professionals. The property was originally built in 1963 and consists of block construction. In 2006 the property was fully renovated by the previous ownership, an architect by trade. In 2012 the property was acquired by Tower Capital’s client, a Southern California based private real estate investor, for $3.3 million.

The $3,300,000 loan secured by Tower Capital through the Freddie Mac Small Balance Loan (SBL) program provided the borrower with a significant interest rate reduction, along with close to $1 million in cash out which will be applied towards additional investment opportunities. The non-recourse loan offers the borrower with 3 years on interest only payments and a 30 year amortization schedule.

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