Select Apartments is a 272 unit multifamily property located in Phoenix, Arizona. Tower Capital’s client, an experienced Northern California-based investor, acquired the property for $9,248,000 or $34,000 per unit. The borrower plans to continue to renovate the property with updated interiors, landscaping, and other capital improvements in order to reposition the property and increase value.

The $6,936,000 loan secured by Tower Capital through a regional bank provides the borrower with prepayment flexibility should they wish to sell the property after the repositioning is complete, or refinance to pull cash out to return equity back to their investors.