Tower Capital recently secured an $1,040,000 acquisition loan for a 13-unit multifamily property located in Mesa, AZ. Situated near a number of area amenities, including Falcon Field airport and Gene Autry Park, the property consists of a mix of studio, one, and two-bedroom units. The property was 100% leased at acquisition, and represents the first apartment investment for the borrower, who plans to grow their multifamily portfolio.

The non-recourse Fannie Mae Small Balance Loan provides the borrower with a low interest rate of 3.7% that is fixed for 12 years. The first year is interest only, followed by a 30 year amortization schedule thereafter, and is perfect for the long-term investor seeking to benefit from cash flow and future appreciation.