Tower Capital recently facilitated a $12,521,000 cash-out refinance for the Las Ventanas multifamily community located along the I-17 Corridor off Glendale Ave in Phoenix. The 120-unit property, originally constructed in 1984, is highlighted by its extensive recent renovations including new exterior paint, new appliances, as well as new interior unit flooring. In addition to the accretive capital improvements completed by the current owner, current ownership was also able to boost rental income and collections through their significant management expertise of operating similar properties of this size in the immediate area. The property’s unit mix features 48 one bedroom/one bathroom units, along with 72 two bedroom/one bathroom units.

The 35-year fully amortizing, low-interest, long-term loan funded through HUD allowed the borrower to execute their business plan by pulling out a large portion of their equity to pursue other investment opportunities.

Tower Capital was able to generate a competitive lending environment with a multitude of lenders quoting the opportunity. Tower Capital ultimately generated nearly $1,000,000 in additional loan proceeds from what the lender quoted in their initial LOI after the property appraised for far more than what was anticipated.