The View at North Mountain is a 72-unit multifamily property located in Phoenix, Arizona. The mismanaged property was acquired by the borrower in 2014 for $1.9 million. Following the acquisition, the borrower performed major interior and exterior renovations to the property which include new landscaping & signage, HVAC replacement, new appliances, new tile flooring, new exterior paint throughout the project, furniture, electrical, and roof replacement.
The $3.15 million loan provided by a California-based credit union, provided a full return of equity back to the borrower, along with additional funds to be applied towards future investment opportunities.