Tower Capital arranged a $3,500,000 refinance of a 59-unit multifamily property in Phoenix, AZ.  The borrower purchased this 1964  built property in July, 2019. He is an owner/manager and has made significant upgrades to the properties throughout his ownership including putting on a new roof, resurfacing the parking lot, and upgrading all the interiors.

The borrower is a long-term holder and was seeking the lowest fixed interest rate that the market will offer. Since the loan amount did not qualify for conventional Agency financing, a regional bank based out of Colorado was able to offer the most competitive terms. Tower Capital was able to secure a 10-year fixed loan at a 3.75% interest rate.

We were fortunate to work with very experienced players on both the principal and lender side for this transaction. This was a full recourse loan, so the initial documentation needed was substantial however the total process from signed LOI to close, took a total of 41 days.