Tower Capital recently facilitated $1,655,000 in short-term acquisition financing for the purchase of a 36-unit multifamily property situated along Zuni Rd, just NE of the Albuquerque International Airport. The property boasts extremely close proximity to an abundant mix of restaurant, retail, health and wellness, and daily-need amenities within a short commute. The unit mix consists of 33 one-bedroom/one-bathroom units with the remaining three (3) as two-bedroom/one-bathroom units, with an average unit square footage of 659 square feet. The property is currently unrenovated and the sale of the asset reflects the sellers’ final disposition in Albuquerque as they exit the market.

The borrower intends to make significant capital improvements to the interior units and exterior of the property and re-brand the project. They will utilize their own property management company in order to increase efficiencies and leas up the project as quickly as possible.

Tower Capital was able to successfully source the financing on behalf of the borrower in an extremely critical timeframe and generated a competitive lending environment, which ultimately delivered the best pricing and terms for the borrower based upon their investment objectives for this particular asset.