Tower Capital recently facilitated $5,100,000 in acquisition financing for the purchase of the 41-unit, low-rise, Fillmore Apartments multifamily property located in Phoenix, AZ. Situated just north of Phoenix Sky Harbor International Airport, Fillmore enjoys direct access to all areas of Phoenix’s employment and entertainment corridors. The property features 41 units, of which 100% of the units are the two bedroom/one bathroom floorplans. Fillmore is highlighted by upgraded interior units and its extremely close proximity to the retail, dining and entertainment amenities in the surrounding Airport Area submarket.

The borrower, who purchased the property in an off-market transaction, intends to capitalize on bringing below-market rents up to market while also seeking additional value-add opportunities through re-painting all of the exterior buildings, replacing windows, replacing bathroom vanities toilets and tubs in all units, a complete remodel of the pool area and overall landscaping and more.

The short-term bridge loan provided the borrower with a loan amount equal to 75% of the total acquisition and rehabilitation cost, as well as a flexible prepayment structure to meet the borrower’s investment objectives.

Tower Capital was able to successfully source the bridge financing on behalf of the borrower 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.