Tower Capital recently arranged the refinance of the Alta Vista Shopping Center located in Phoenix, AZ. The project consist of a 47,000 sq. ft. multi-tenant, neighborhood, shopping center anchored by a Dollar General, along with a 16,000 sq. ft. self-storage facility containing 70 rentable units.

Tower Capital had previously arranged a bridge loan on behalf of the sponsor to recapitalize the project in order to provide additional funds for operations and towards property improvements. As the loan approached maturity, Tower’s client was ready to obtain permanent financing on the retail portion, while seeking a new bridge loan on the self-storage portion of the project as they move through entitlements to possibly expand and create additional storage space.

In order to meet the borrower’s objectives, Tower Capital secured a 10-year fixed rate loan with a local credit union at 5.75% and no prepayment penalty for the retail, and a 12-month, private money, bridge loan for the storage.