Tower Capital recently facilitated a $1,788,000 cash-out refinance for the 16-unit, fully renovated Mountain View multifamily property situated along the I-17 corridor, just east pf MetroCenter. Located just off of Peoria Ave, the property boasts extremely close proximity to an abundant mix of restaurant, retail, health and wellness, and daily-need amenities within the project. The unit mix consists of 100% two-bedroom/one-bathroom floorplans with an average unit square footage of 820 square feet. Prior ownership made significant capital improvements to the property including upgrades to the interior unit finishes and additions of stainless-steel appliances, in-unit washer/dryer, upgraded hardware, renovated restrooms, dual-pane windows, new A/C units, as well as exterior landscaping improvements and a new exterior paint job.

The borrower intends to hold onto the property long-term and capitalize on the property’s recent renovations and in-place performance, while also raising rents naturally over time as robust submarket fundamentals continue to drive rising rental rates upwards for comparable fully renovated properties of a similar unit count in the immediate area. The borrower will utilize the loan proceeds to pursue additional multifamily investment opportunities in Arizona and California.

Tower Capital was able to successfully source the financing on behalf of the borrower by generating a competitive lending environment, which ultimately delivered the best pricing and terms for the borrower based upon their investment objectives for this particular asset.