Tower Capital recently facilitated a $2,577,500 refinance for the 10-unit multifamily property and 27-unit multifamily property located in Mesa, AZ and Apache Junction, AZ, respectively. Both properties are recently renovated, low-rise multifamily projects situated in close proximity to an ample dining, retail, entertainment, health and wellness, and daily-need amenity base.

The out-of-country borrower intends to utilize the loan proceeds from the cash-out refinance to pay off existing debt and pursue similar multifamily investment opportunities in the Phoenix area to assimilate into their portfolio of other long-term hold assets.

Tower Capital was able to successfully source aggressive pricing and terms from a local bank on behalf of the borrower, who is based outside of the United States. Tower’s client is now a repeat borrower for the lender. Tower generated a competitive lending environment with nearly 20 lenders quoting on the opportunity, which ultimately delivered the best pricing and terms for the borrower based upon their investment objectives for this portfolio.