Tower Capital helped source a $3,000,000 refinance of an 80-unit multifamily property in Mesa, AZ. The borrower purchased this two-story, walk-up in June 2015. He has made improvements to both the interior and exterior of the property and at closing, the occupancy was 100%.
The borrower had his loan coming due and was not interested in any cash out options. The small balance Fannie Mae loan provided the borrower with a 10-year fixed term at 3.29%. The borrower’s number one priority was paying down the loan and Tower was able to structure a customized 20-year amortization schedule.
The main challenge with the transaction was that the borrower had a hard loan maturity that was quickly approaching, during a time when transactions were generally moving at a much slower pace due to COVID. Tower’s entire team was up for the task. A loan package was completed and term sheets provided to the borrower within a few days of engagement. Tower’s stellar closing team had all hands on deck to quickly schedule 3rd party site visits, gather all required lender due diligence, and coordinate with title & escrow, lender legal, closing, and underwriting, along with the borrower’s team, to meet the deadline. While Fannie Mae loans typically take 45-60 days to complete, the financing for Greenbrook was secured in just 30 days.
