Tower Capital recently arranged the financing for a 42-unit, low-rise apartment community located in Chandler Arizona.  The property was constructed in 1973 of wood frame and stucco and received a modern exterior renovation in 2017. The unit mix consists of (5) studio units, (20) one-bedroom / one-bath units and (17) two-bedroom / two-bath units. Each unit is individually metered for electricity and features a large patio/balcony and yards are available in select units. The community provides residents with spacious courtyard, dog park, tranquility garden, covered parking, barbecue grills, ramada and laundry facility. The majority of buildings are single-level construction.

The 5-year fixed rate, non-recourse Freddie Mac Small Balance Loan offers the borrower a low fixed rate for 5 years, and includes interest only payments for the first year.   The step-down prepayment penalty offers the borrower a cost effective way to sell or refinance the loan before the end of the 5 year term.