Tower Capital helped arranged a cash out refinance of a 118- unit multifamily property in Glendale, AZ that was built in 1973.  The borrower has owned this two-story walk up since October, 2003, and has made major improvements over the past 3 years, including installing washer and dryers in every unit and redoing all the landscaping.

Our client is a very experienced, Phoenix-based, real estate investor who was looking to take advantage of today’s low interest rate environment by locking in a long-term fixed rate. Additionally, he was able to recoup some equity out of the property to be used towards other investment opportunities.

Tower secured a Fannie Mae loan that provided the borrower with a non-recourse, 10-year, fixed term at 2.97%, interest only for the entire term.

Every loan has its nuances and challenges to overcome, this property was originally platted as a condo property when built and we had to navigate getting every parcel evaluated properly without doing a survey. This transaction took 64 days from start to finish and we were very pleased with the team effort that took place with all the designated parties involved