Tower Capital successfully placed a $2,000,000 refinance loan on a 74- unit multifamily property in Phoenix, AZ.  The borrower has owned this two-story walk up for almost thirty years and has improved every unit in the property over the past decade. The borrower intends to keep this property as a legacy asset and wanted to take advantage of market conditions.

The small balance Fannie Mae loan provided the borrower with a 10-year fixed term at 3.32%.  The borrower’s number one priority was locking in a long term, fixed rate, with interest only payments. At 55% LTV, we were able to secure a full-term interest only loan that met all of the borrower’s goals and objectives.

With the COVID-19 global pandemic, borrower living out of state, and uncertainty in the market, we chose a lender we have done multiple deals with to ensure execution. Rent collections were carefully tracked and analyzed throughout the process. Having established relationships with appraisers, inspectors, and title was critical given the current conditions caused by COVID-19. From start to finish, we were able to close the transaction in less than 40 days.