Tower Capital has arranged a $9,000,000 acquisition loan on a 97-unit multifamily property located in Mesa, Arizona. The property was originally completed in 1971 and underwent an extensive interior and exterior renovation totaling approximately $18,000 per unit between 2012 and 2014. The gated community features a sparkling swimming pool with lounge areas, heated spa, modern clubhouse, children’s playground, grass courtyards with dog stations, barbeque grills, onsite laundry facility, and ample covered parking.

The non-recourse, Fannie Mae loan offers the borrower a 4.22% interest rate, fixed for 12 years. The loan amount represents 77.5% of purchase price with the first four years being interest only payments, followed by a 30-year amortization schedule.