Arbor on Broadway is a 97 unit apartment building located in Mesa, Arizona. Tower Capital’s client, a high net worth, California-based investor, acquired the asset at the bottom of the real estate market in 2010. At the time of acquisition, the property was in disrepair with a poor tenant mix. Over the years, the borrower has performed substantial renovations, both cosmetic along with HVAC, mechanical, and plumbing, and increased NOI and value dramatically.

The $3.4 million dollar loan was used to replace the existing debt and provided the borrower with aproximately $2.2 million dollars of cash back to recoup costs for capital improvements and to be used towards additional investment opportunities.