Tower Capital successfully placed a $8,270,000 refinance loan on a 62-unit multifamily property located in Phoenix, AZ. First completed in 1969, the property is comprised of block construction and individually metered for electricity. The borrower is an experienced private investor based in Alberta, Canada, who owns other Phoenix multifamily properties. The borrower acquired the asset in September 2016 and has since renovated 100% of the units, along with exterior upgrades.

Tower’s client was seeking a maximum cash out refinance and was able to qualify for a Fannie Mae conventional loan. Tower Capital was able to secure a 12-year fixed loan at a 3.26% interest rate, which was 20 basis points lower than on the original loan application. The first three years of the loan are interest only, followed by a 30-year amortization schedule.