Tower Capital recently financed the acquisition of a 11-unit multifamily property located in Scottsdale, Arizona. The $5,250,000 loan represents $477,273 per unit, setting a record for Phoenix, AZ.

MZ Scottsdale was constructed in 2019 by award-winning MODUS Development, which is nationally recognized as a premier developer of Net Zero Energy (NZE) and LEED-H buildings. MZ Scottsdale includes 11 luxury rental townhomes, consisting of one, two and three bedroom units. The community is recognized for its eco-friendly, Net Zero Energy design. The community was progressively constructed with a comprehensive design that integrates sustainability, energy efficiency, style, lower operating costs, and technology to create superior resident lifestyle. Each unit is pre-wired for solar connectivity with Control4 home automation throughout. All of the units are designed to meet a Home Energy Rating System (HERS) score of 0 or less.

The 10-year acquisition loan provided the borrower with a ten-year fixed interest rate of 3.50% based upon a 57% loan-to-value. This loan was also non-recourse, and featured interest only payments for the first seven years.  Tower Capital was able to successfully arrange the financing on behalf of the borrower within a critical timeframe as the property had just recently achieved stabilization.