Tower Capital recently arranged $3,540,000 for the refinance of the Alta Vista Shopping Center, a Dollar General-anchored property located in Phoenix, AZ.  This 18-month bridge loan allowed the borrower to pay off an existing loan and provided additional proceeds in order to execute property improvements.

Although the property was over 90% occupied at closing, there still was significant value locked up in the property including two vacant pads.  The borrower plans to entitle a portion of that area into 14,000 square feet of additional storage space, and then divest all of the storage portions of the property.  The lender provided the borrower a partial release provision, which delivers flexibility to sell the storage component, without paying off the full loan