Greenridge Apartments is a 72 unit multifamily property located in Phoenix, Arizona. Tower Capital’s client, an experienced Los Angeles-based investor, acquired the property for $2,920,000 or $40,556 per unit. The borrower plans to renovate the property with new paint, landscaping, and other capital improvements in order to reposition the property and increase value.

The $2,190,000 loan secured by Tower Capital through a local credit union provides the borrower with prepayment flexibility should they wish to sell the property after the repositioning is complete, or refinance to pull cash out to return equity back to their investors.