Tower Capital arranged $2,425,000 for the refinance of a 44-unit multifamily property in Mesa, AZ. The borrower has owned this two-story walk up since 2017 and improved the property’s exterior and interior over the past three years. The borrower wanted to take advantage of market conditions by obtaining a new low interest, long-term, fixed rate and is a long-term holder.

The small balance Fannie Mae loan provided the borrower with a 10-year fixed term at 3.22%. The borrower’s number one priority was locking in a long term, fixed rate, with interest only. At 55% LTV, we were able to secure a full-term interest only loan.

The COVID-19 global pandemic has caused challenges that Tower and their partners have adapted to soundly. The combination of the borrower being a seasoned real estate professional, a repeat client, and utilizing our most reliable lending relationship, made the transaction very seamless. Spreads have increased twenty basis points since July 1st, however compared to this time last year, they are still down fifty basis points. With spreads widening we moved fast to secure the best rate the market was offering