Tower Capital arranged a $3,870,000 first mortgage to refinance a maturing bridge loan on a multifamily site that is entitled for 242 units.  The site is located in the North I-17 corridor adjacent to Norterra, the USAA corporate office and the Union Park master planned community. The loan provides an additional 12 months of term while the Borrower completes their HUD approval process for vertical construction financing which should commence late 2019.  The loan is full recourse but the lender did not require an appraisal and reviewed existing third-party reports.  The interest only loan does not require an interest or carry reserve despite the land not generating cash flow to cover debt service.  Priced at Prime + 650, the 12-month bridge was sized to 70% of value