241 East 1st Ave is a 46-unit multifamily property located in Mesa, Arizona. The 2-story, garden style asset was built in 1966 and offers residents a mix of 1-bed and 2-bed units with an interior courtyard and pool.
Tower’s client is an experienced private investor who acquired the asset in 2014 for $1.99 million and has spent approximately $300,000 in capital improvements during their ownership tenure.
The low leverage Freddie Mac Small Balance loan provides the borrower with a 7-year fixed rate term at a 4.89% interest rate. Given the low leverage, the lender was able to offer interest only payments during the initial 7-year fixed rate period, which was extremely attractive to the borrower.
