The Resort on 27th Ave is a 468 unit multifamily property located in Phoenix Arizona. The borrower acquired the asset in March 2015 as a distressed REO for $13,912,500. Since acquisition, the borrower has spent close to $650,000 on capital improvements which include parking lot resurfacing, new landscaping, common area renovations to pool, recreation room, gym, office and playground, as well as new lighting, signage and an overall rebranding of the property.
The loan amount secured by Tower Capital represents a significant cash out to the borrower after only a few years of ownership. The loan proceeds were used to return equity back to the borrower and their investors, as well as provide funds for future investments.
