Emerald Shores Apartments is a 304 unit multifamily property located in Phoenix, Arizona. Tower Capital’s client, an experienced Los Angeles-based investor, acquired the property in October 2014 from a non-profit organization who was not maximizing the profitability of the asset. Through a reduction in operating expenses and an increase in rents, Tower’s client increased the Net Operating Income and value of the property substantially over a 24 month period.

The $10,720,000 Freddie Mac loan secured by Tower Capital provided the borrower with over $5 million of cash out after all financing costs were paid. The proceeds were used to pay off the existing acquisition loan, provide a return of equity back to the borrower’s investors, provide funds for upcoming capital improvements, as well as down payment money for additional investment opportunities.