Tower Capital recently facilitated $3,620,000 in acquisition financing for the purchase of a 33-unit multifamily property located in South Phoenix. Situated just east of the Interstate-17 freeway, the property enjoys direct access to all areas of Phoenix’s employment and entertainment corridors. The property features 33 units, of which eighteen (18) are two-bedroom/one-bathroom floorplans, fourteen (14) as one bedroom/one bathroom floorplans, along with one (1) studio unit. North Haven is highlighted by an onsite pool, open walkways and its extremely close proximity to retail, dining, entertainment, health and wellness, and daily-need amenities within a short walk or drive.

The borrower intends to capitalize on bringing below-market rents to market while also seeking additional value-add through upgrading the exterior landscaping, the installation of new stainless-steel appliances, replacing all kitchen cabinets and countertops, upgrading the interior flooring, remodeling all bathrooms, installing new windows in all units, and installing in-unit washer/dryers in all interior units.

Tower Capital was able to successfully source the acquisition financing on behalf of the borrower by identifying an out-of-market private bridge lender that could execute within an extremely critical timeframe. Tower generated a competitive lending environment, which ultimately delivered the best pricing and terms for the borrower based upon their investment objectives for this particular asset.