Tower Capital recently financed the acquisition of a 12-unit multifamily property located in Phoenix, Arizona. The property is comprised of five 1 Bed / 1 Bath, six 2 Bed / 1 Bath and one 3 Bed / 1 Bath units.  The borrower is an experienced, local, multifamily investor who plans to hold the asset long term.

The 10-year acquisition loan provided the borrower with a five-year fixed interest rate of 3.30% based upon a 70% loan-to-value. Tower Capital was able to successfully arrange the financing on behalf of the borrower within a critical timeframe as the property had just recently achieved stabilization.